Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A retail tenant signs a variable scale percentage lease that sets the monthly rental rate at 5% of gross sales up to $20,000 per month

A retail tenant signs a variable scale percentage lease that sets the monthly rental rate at 5% of gross sales up to $20,000 per month and 2% of gross sales from 20,000 to 50,000 per month. All sales above $50,000 per month have no allotment towards rent. How much does the tenant pay for the first quarter rent if January sales were $28,000, February sales were $15,000 and March sales were $65,000?

A) 2,910.00

B) 3,510.00

C) 2,760.00

D) 3,810.00

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Personal Finance A Practical Approach

Authors: Jane King, Mary Carey

1st Edition

0199668833, 9780199668830

More Books

Students also viewed these Finance questions

Question

Explain step one and step two for the production cost report

Answered: 1 week ago

Question

=+What is the brand's character or personality?

Answered: 1 week ago