Question

Ben sold his townhome on March 12. The property is subject to an HOA fee of $355 per month, which Ben prepaid for the month of March. How much does the buyer owe Ben in HOA fees? (Assume a 30-day month)

Answer 1

Answer:

$213

Explanation:

For computing the owed amount, first we have to compute the daily rate per day which is shown below:

= HOA fee ÷ number of days in a month

= $355 ÷ 30 days

= 11.83 per day

We know that the number of days in a month is 30 days and the townhome is sold on March 12, so the remaining days would be 18 days ( 30 days - 12 days of march month)

Now the owed amount would be

= Remaining days × per day rate

= 18 days × 11.83

= $213