To calculate the monthly rent:
\[ Rm = \frac{AR}{12 \times P} \]
Where:
Monthly rent is the amount each person pays per month when splitting the total annual rent of a property. It is calculated by dividing the annual rent by 12 (to get the monthly rent) and then dividing by the number of people sharing the rent. This helps in budgeting and ensuring that each person knows their share of the rent.
Let's assume the following values:
Using the formula:
\[ Rm = \frac{24,000}{12 \times 4} = 500 \]
The Monthly Rent per Person is $500.
Let's assume the following values:
Using the formula:
\[ Rm = \frac{36,000}{12 \times 3} = 1,000 \]
The Monthly Rent per Person is $1,000.
