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A buys a house for Rs 23000. There is a ground rent of Rs 500 a year, and annual repairs come on an average to 1 ½ % on ht purchase price of the house. At what monthly rent must he let the house so as to get a return of 8% per annum on the purchase price?

A.	Rs 123.75	B.	Rs 423.75
C.	Rs 223.75	D.	Rs 523.75

Answer and Explanation

Answer:Rs 223.75

Explanation:
Expenses = Rs 500
Repairs = 1.5(23000)/100 = Rs 345
Total expenses= Rs 845
Returns expected = 23000(8/100) = Rs 1840
Total rent per year = Rs (1840 + 845) = Rs 2685
Rent per month = 2685/12 = Rs 223.75

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