Art Neuner, an investor in real estate, bought an office condominium. The market value of the condo was $315,000 with a 70% assessment rate. Art feels that his return should be 12% per month on his investment after all expenses, The tax rate is $31.50 per $1,000, Art estimates it will cost $250 per month to cover general repairs, insurance, and so on. He pays a $120 condo fee per month, All utilities and heat are the responsibility of the tenant. Calculate the monthly rent for Art.
Note: Round your intermediate calculations and final answer to the nearest cent.