Real Estate Math
A lease has a base rent of $2,000 per month plus 3% of annual gross sales over $500,000. If the tenant's annual sales are $800,000, what is the total annual rent?
A$24,000
B$33,000✓ Correct
C$30,000
D$27,000
Explanation
Base rent = $2,000 × 12 = $24,000. Percentage rent = ($800,000 − $500,000) × 3% = $300,000 × 3% = $9,000. Total = $24,000 + $9,000 = $33,000.
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