Monthly rent of $1,750 has been collected in advance for a 30-day month. Closing occurs on the 11th day of the month, and the seller owns the day of closing. What rent amount is credited to the seller?
Correct Answer
C) $641.67
Per diem rent = $1,750 ÷ 30 = $58.33. Seller owns 11 days including the day of closing, so the seller's share is $58.33 × 11 = $641.67.
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