Enter the monthly rent ($), the number of days rent is late, and the late rent % fee per day into the calculator to determine the Late Rent.
Late Rent Formula
The following formula is used to calculate the Late Rent.
LR = MR * D * %/100
- Where LR is the Late Rent ($)
- MR is the monthly rent ($)
- D is the number of days rent is late
- % is the late rent % fee per day
How to Calculate Late Rent?
The following example problems outline how to calculate Late Rent.
Example Problem #1
- First, determine the monthly rent ($). In this example, the monthly rent ($) is given as 1500 .
- Next, determine the number of days rent is late. For this problem, the number of days rent is late is given as 5 .
- Next, determine the late rent % fee per day. In this case, the late rent % fee per day is found to be 1.
- Finally, calculate the Late Rent using the formula above:
LR = MR * D * %/100
Inserting the values from above yields:
LR = 1500 * 5 * 1/100 = 75 ($)
Example Problem #2
The variables needed for this problem are provided below:
monthly rent ($) = 1100
number of days rent is late = 10
late rent % fee per day = 2
Entering these values and solving gives:
LR = 1100 * 10 * 2/100 = 220 ($)
