A property management company in Florida manages a commercial property with monthly rent of $8,500. The management agreement specifies a 7% management fee and requires the tenant to pay a $150 late fee if rent is paid after the 5th of the month. If the tenant pays rent 8 days late, what is the total amount the property management company should collect?
Correct Answer
B) $8,650.00
Correct: The property manager collects the full rent ($8,500) plus the late fee ($150) = $8,650. The management fee is deducted from what's remitted to the owner, not added to what's collected. Why not A: This incorrectly subtracts the late fee instead of adding it. Why not C: This incorrectly adds both the late fee and management fee to the rent. Why not D: This incorrectly adds the management fee ($595) to the collection amount.
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