Late Rent Calculator

Formula

The formula to calculate the late rent fee (LR) is:

\[ LR = MR \cdot D \cdot \frac{P}{100} \]

Where:

$ LR $ is the late rent fee ($)
$ MR $ is the monthly rent ($)
$ D $ is the number of days rent is late
$ P $ is the late rent fee percentage per day

What is Late Rent Fee?

The late rent fee is a charge applied when rent is not paid on time. It is calculated by multiplying the monthly rent by the number of days the rent is late, and then by the late rent fee percentage per day, divided by 100.

Example Calculation

Let's assume the following values:

Monthly Rent (MR): $1000
Number of Days Rent is Late (D): 5
Late Rent Fee Percentage per Day (P): 2%

Using the formula to calculate the late rent fee:

\[ LR = 1000 \cdot 5 \cdot \frac{2}{100} = 1000 \cdot 5 \cdot 0.02 = 100 \text{ $} \]

The Late Rent Fee (LR) is $100.