Jack Lived in a Block with Two-Family Homes

question 65

Multiple Choice

Jack lived in a block with two-family homes. He finished his third floor for his family and when his children left home, he wanted to rent the floor as an apartment. The town enacted a zoning ordinance restricting occupancy of the building to a maximum of two unrelated families. Jack's best argument for waiving the ordinance is:

• A) he can make more money renting two floors.
• B) he cannot meet the costs of maintaining the building unless he rents both floors.
• C) he is not going to add any more occupants to the building.
• D) he was using the third floor as an apartment for rent before the zoning ordinance was enacted.

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Definitions:

Annual Payments

Payments made once a year as part of a financial agreement, such as loans, annuities, or investments.

Compounded Quarterly

Interest calculation method where interest is added to the principal sum at the end of every quarter, leading to interest earnings on interest.

Investing

The practice of assigning funds with the aim of producing income or profit.

Monthly

Occurring every month or once a month.