Real Estate Math
A commercial lease requires the tenant to pay $18/sf base rent on 2,500 sf plus 15% of the tenant's gross sales above $400,000. If annual sales are $480,000, what is the total annual rent?
A$45,000
B$12,000✓ Correct
C$57,000
D$60,000
Explanation
Base rent = 2,500 × $18 = $45,000. Overage = ($480,000 − $400,000) × 15% = $80,000 × 15% = $12,000. Wait, that gives $57,000. Answer is C.
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