Monthly rent of $2,250 has been collected in advance for a 30-day month. Closing occurs on the 19th day of the month, and the seller owns the day of closing. What rent amount is credited to the seller?
Correct Answer
D) $1,425
Per diem rent = $2,250 ÷ 30 = $75.00. Seller owns 19 days including the day of closing, so the seller's share is $75.00 × 19 = $1,425.
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Related Topics & Key Terms
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