A cooperative building in Miami Beach has 100 shares outstanding. Sarah owns 8 shares, which entitle her to occupy a 2-bedroom unit. The annual maintenance and taxes total $240,000. What is Sarah's annual carrying charge?
Correct Answer
A) $1,920
Correct: A - $1,920. Sarah owns 8 shares out of 100 total shares (8%). Her carrying charge is 8% of $240,000 = $19,200. Why not B: This option is incorrect because "$19,200" does not match the rule tested by the question. The correct answer is "$1,920". Sarah owns 8 shares out of 100 total shares (8%). Her carrying charge is 8% of $240,000 = $19,200. Why not C: This option is incorrect because "$2,400" does not match the rule tested by the question. The correct answer is "$1,920". Sarah owns 8 shares out of 100 total shares (8%). Her carrying charge is 8% of $240,000 = $19,200. Why not D: This option is incorrect because "$24,000" does not match the rule tested by the question. The correct answer is "$1,920". Sarah owns 8 shares out of 100 total shares (8%). Her carrying charge is 8% of $240,000 = $19,200.
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