Question

Abe owns a 1-bedroom cooperative apartment, which accounts for a 1.2% ownership stake among the other shareholders. If the annual budget for the cooperative building amounts to $485,000, how much is Abe responsible for on a monthly basis...?

Answer 1

$485

Step-by-step explanation:

Annual budget = $485,000

Monthly budget= $485,000/12

=$40,416.7

Abe responsibility=1.2%

40,416= 100%

1.2%=?

=40,416/100 x1.2

=404.16x1.2

=484.99

$485