Real Estate Math
A Mississippi commercial lease has a base rent of $3,000 per month and a percentage rent of 5% of gross sales above $500,000 annually. If annual gross sales are $600,000, what is the total annual rent?
A$36,000
B$41,000✓ Correct
C$38,000
D$39,000
Explanation
Base rent = $3,000 × 12 = $36,000. Percentage rent = ($600,000 − $500,000) × 5% = $5,000.
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