) Percentage Rent Calculation (10 points)

I have a tenant at one of our shopping centers that pays us a percentage rent above a base rent. This tenants base rent is $6,000 per month. On an annual basis, this tenant will pay to us 8% of its gross sales for percentage rent in excess of its base rent. Sales for this tenant over the past year totaled $1.2 Million. Does this tenant owe us any percentage rent and if so, how much?