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Seller Adelaide and buyer Colin close on a transaction for two rental condos on March 15. They live in a state where the seller is considered the owner of the property on the day of closing. The combined rental income per month is $4,000. How much rental income can Colin expect to earn in March

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Answer:

$2,064.48

Explanation:

Given the following :

Combined rental income per month = $4000

Transaction close date = March 15th

Number of days in March = 31

Daily Rental income for the two condos :

Income per month / days of the month

$4000 / 31

= 129.03

Number of days left in March = number of days payment Collins will make

= 31 - 15 = 16 days

Total rental payment in March :

Daily Rental fee × number of days left

$129.03 × 16 = $2,064.48

= $2,064.48