Question

Jody Asbell and three of her friends purchased a small shopping center in their town. They paid $985,090 and made a down payment of $125,000. They rented five of the stores for $3,400 each per month. Their annual expenses were mortgage interest of $65,000, depreciation of 3% of the purchase price of the shopping center, and taxes, repairs, and insurance totaling $64,300. What is the annual net income?

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