Enter the total annual rent paid and the rebate percentage into the calculator to determine the renters rebate amount. This calculator helps renters estimate the rebate they could receive based on their rent payments and the applicable rebate percentage.
Renters Rebate Formula
The following formula is used to calculate the renters rebate amount:
RA = (AR * RP) / 100
Variables:
- RA is the renters rebate amount ($)
- AR is the annual rent paid ($)
- RP is the rebate percentage (%)
To calculate the renters rebate amount, multiply the annual rent paid by the rebate percentage and then divide by 100 to convert the percentage into a decimal.
What is a Renters Rebate?
A renters rebate is a refund or credit offered to tenants, typically by a government program, based on the amount of rent they have paid during a certain period. It is often provided to low-income renters to alleviate their housing costs. The rebate amount is usually a percentage of the rent paid and can vary depending on the renter’s income, the amount of rent paid, and the specific rebate program’s guidelines.
How to Calculate Renters Rebate?
The following steps outline how to calculate the Renters Rebate:
- First, determine the total annual rent paid (AR) in dollars.
- Next, determine the rebate percentage (RP) provided by the rebate program.
- Next, gather the formula from above = RA = (AR * RP) / 100.
- Finally, calculate the Renters Rebate Amount (RA) in dollars.
- After inserting the variables and calculating the result, check your answer with the calculator above.
Example Problem:
Use the following variables as an example problem to test your knowledge.
total annual rent paid (AR) = $12,000
rebate percentage (RP) = 20%