The total rent due for the month is $11,890.
<u>Given Information</u>
Payment of retail tenant = 20,000
Tenant must pay 7% of gross store sales
- The formula to use to calculate the amount of rent due for the month is {Monthly rent + 7% of sale in excess of $143,000}
Total rent due = $10,000 + 7% * ($170,000 - $143,000)
Total rent due = $10,000 + 7%*$27,000
Total rent due = $10,000 + $1,890
Total rent due = $11,890
Therefore, the total rent due for the month is $11,890.
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