Monthly rent of $2,000 has been collected in advance for a 30-day month. Closing occurs on the 12th day of the month, and the seller owns the day of closing. What rent amount is credited to the seller?
Correct Answer
D) $800
Per diem rent = $2,000 ÷ 30 = $66.67. Seller owns 12 days including the day of closing, so the seller's share is $66.67 × 12 = $800.
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