The formula to calculate the prorated rent is:
\[ \text{Prorated Rent} = \frac{\text{Monthly Rent}}{30.5} \times \text{Days Occupying Residence} \]
Where:
Prorated rent refers to a calculated portion of the total rent amount that is due for a partial month. Prorated rent ensures fair payment for the specific duration someone occupies a rental property, avoiding overpayment or underpayment.
Example:
Step 1: Calculate the prorated rent:
\[ \text{Prorated Rent} = \frac{1500}{30.5} \times 10 \approx 491.80 \text{ dollars} \]
