Question

A seller -landlord has collected the September rent from all five tenants : two pay $345 per month each and three pay $425 per month each. Determine the prorated amount to be allowed the buyer when the sale closes on September 19.

Answer 1

When the sale closes on September 19. the, prorated amount will be $720.5

Prorated rent is the rent amount for a period which is not paid to the owner because of tenants not live in that period of time.

Since, sale closes on September 19, therefore for remaining 11 days in September rent is not paid to owner.

Since, two pay $345 per month each

then two pay total $690 in a month

They pay for one day in September is, $\frac{690}{30} =23$

For 11 days,   $23*11=253$

Since, three pay $425 per month each.

then three pay total $1275 in a month

They pay for one day in September is, $\frac{1275}{30}=42.5$

For 11 days,   $42.5*11=467.5$

So, the prorated amount to be allowed the buyer when the sale closes on September 19  is,

                            $253+467.5=720.5$ dollars

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