Problem: A man buys a house for $10,000 and rents it. He puts 1221% of each month's rent aside for repairs and upkeep; pays $325 a year taxes and realizes 521% on his investment. The monthly rent is:
Answer Choices:
A. $64.82
B. $83.33
C. $72.08
D. $45.83
E. $177.08
Solution:
Let R be the yearly rent. Then 100521⋅10,000=R−1001221R−325; ∴R=$1000 and 12R∼$83.33.