The condo owner was formerly renting the unit every month

Reference no: EM1326353

Detailed Explanation to GDP

Calculate the totals change in a year's GDP

A family sells a home, without using a broker, for $150,000. They could have rented it on the open market for $700 per month. They buy a 10-year old condo for $200,000; the broker's fee on the transaction is 6% of the selling price. The condo owner was formerly renting the unit for $500 per month.

Reference no: EM1326353

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The condo owner was formerly renting the unit every month : They could have rented it on the open marketplace for $700 per month. The condo owner was formerly renting the unit for $500 every month.

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