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A business tenant has a percentage lease stating rent payment is greater of 2% of the business's total gross sales volume or a minimum base rental of $1,000.00 per month. In the past year, sales totaled $435,000. How much rent did the business pay?

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Answer:

The answer is $12,000. 12 months × $1,000 per month = $12,000 minimum annual base rent; $435,000 gross sales × 2% = $8,700. The tenant paid $12,000 because the minimum base rent was more than the percentage of gross sales.

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