1. Tarn Yesrak bought a resort cottage. He used a rental property company to manage
maintenance and rentals. The company charged him $100 per month for maintenance
and 25% of the rental income. Last year, the condominium was rented for 30 weeks at
$1,000 a week. For last year, he paid $11,850 in mortgage interest and $3,260 for taxes,
insurance, and other expenses.
a. What was his gross income?
b. What were his total expenses?
c. What was his net income?