Art Neuner, an investor in real estate, bought an office condominium. The market value of the condo was $\$ 275,000$ 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. Monthly rent

Step 1 ：First, we calculate the assessed value of the condo, which is the market value times the assessment rate. The market value is \$275,000 and the assessment rate is 70\%, so the assessed value is \(275,000 \times 0.7 = \$192,500\).

Step 2 ：Next, we calculate the annual tax, which is the assessed value divided by 1000, times the tax rate. The assessed value is \$192,500, and the tax rate is \$31.50 per \$1,000. So the annual tax is \(\frac{192,500}{1,000} \times 31.50 = \$6,063.75\).

Step 3 ：We then convert this annual tax to a monthly tax by dividing by 12. So the monthly tax is \(\frac{6,063.75}{12} = \$505.31\).

Step 4 ：We calculate the monthly return Art wants, which is 12\% of the market value of the condo. The market value is \$275,000, so the monthly return is \(275,000 \times 0.12 = \$2,750\).

Step 5 ：Art estimates it will cost \$250 per month to cover general repairs, insurance, and so on. He also pays a \$120 condo fee per month.

Step 6 ：Finally, we add up all the monthly costs (tax, return, repairs, condo fee) to get the monthly rent Art should charge. So the monthly rent is \(505.31 + 2,750 + 250 + 120 = \$3,625.31\).

Step 7 ：\(\boxed{The monthly rent for Art should be approximately \$3,625.31}\)