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Real Estate Practice : Lesson 3881

Mr. Sezimeche leases a storefront to Mr. Dewertsby with a percentage lease.
The lease calls for a monthly rental of $3000 and 5% on the gross yearly business over 800,000 dollars.
How much rent would Mr. Sezimeche receive yearly from Mr. Dewertsby if Mr. Dewertsby's gross business was $1,400,000 ?

A. $66,000
Let's find out how much the percentage of the gross yearly business is by subtracting 800,000 from the gross annual business of 1,400,000 dollars and we have 600,000 that has 5% interstr applied to it.
Multiply .05 or 5% times the 600,000 and we have 30,000
Multiply the rent of 3000 an month time 12 and we see that the annual rental is 36,000.
Now add the percentage of the gross annual business of 30,000 and we now have a total of 66,000 payble to Mr. Sezimeche.
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