Prorated rent is the amount of rent a tenant pays for occupying a rental property for part of a month. It is calculated based on the daily rent rate and the number of days the tenant occupies the property.
The formula to calculate prorated rent is:
\[ \text{Prorated Rent} = \left( \frac{\text{Monthly Rent}}{\text{Number of Days in Month}} \right) \times \text{Number of Days Occupied} \]
Consider the following details:
Using the formula:
\[ \text{Daily Rent} = \frac{1500}{30} = 50 \, \text{USD/day} \]
\[ \text{Prorated Rent} = 50 \times 21 = 1050 \, \text{USD} \]