QuestionAugust 5, 2025

The sale of a rental property has a closing date of March 26. The monthly rent of 1,500 is collected on the 15th day of every month. How much rent proration would the seller owe the buyer at closing? A) 919.35 B) 435.48 C) 967.74 D) 483.87

The sale of a rental property has a closing date of March 26. The monthly rent of 1,500 is collected on the 15th day of every month. How much rent proration would the seller owe the buyer at closing? A) 919.35 B) 435.48 C) 967.74 D) 483.87
The sale of a rental property has a closing date of March 26. The monthly rent of 1,500 is collected on the 15th day of every month. How much rent proration would the seller owe the buyer at
closing?
A) 919.35
B) 435.48
C) 967.74
D) 483.87

Solution
4.2(303 votes)

Answer

\ 290.32 Explanation 1. Determine Daily Rent Calculate daily rent by dividing the monthly rent by the number of days in March. **Daily Rent = \frac{1500}{31}** 2. Calculate Days Owed Count the days from March 26 to March 31, inclusive. Total days owed = 6. 3. Calculate Prorated Rent Multiply the daily rent by the number of days owed. **Prorated Rent = Daily Rent \times 6**

Explanation

1. Determine Daily Rent<br /> Calculate daily rent by dividing the monthly rent by the number of days in March. **Daily Rent = \frac{1500}{31}**<br /><br />2. Calculate Days Owed<br /> Count the days from March 26 to March 31, inclusive. Total days owed = 6.<br /><br />3. Calculate Prorated Rent<br /> Multiply the daily rent by the number of days owed. **Prorated Rent = Daily Rent \times 6**
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