Real Estate Math
A Pennsylvania commercial tenant occupies 3,500 square feet at $24 per sq ft per year on a gross lease. What is the monthly rent?
A$7,000✓ Correct
B$7,500
C$84,000
D$8,400
Explanation
Annual rent = 3,500 × $24 = $84,000. Monthly rent = $84,000 ÷ 12 = $7,000. Commercial leases typically state rent on an annual per-square-foot basis, requiring conversion to monthly for billing purposes.
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