calculating a days rent

[im sparticus]

hyperthetical here guys.

If rent on a property was $380pw

by the letter of the law what would a days rent work out to be??

380/7= 54.285714

so is the answer 54.28, 54.29 or 54.30 or something else altogether??

Cheers

 

[Alabex]

54.29

however if it is being entered into some kind of Property Management software (such as by an agent) it may round down to 54.28, or even 54.25 if they accept cash.

 

[im sparticus]

thanks very much they are actually trying to charge 54.30

 

[marg4000]

Well, legally 8c is rounded up if paying by cash.

6c and 7c are rounded down, 8c and 9c are rounded up.

So the correct cash payment is $54.30.
Marg

 

[boomtown]

Marge is correct.

Australia uses Swedish rounding.

http://en.wikipedia.org/wiki/Swedish_rounding

$54.28 = $54.30 after application of rounding.

 

[im sparticus]

what about for a direct deposit payment (i would have thaught this would have been to the nearest cent) they actually dont accept a cash payment at this agency, they are actually charging $17.71 as my final payment for water if rounding was correct shouldnt they be requesting $17.70

its petty i know but they should be consistent they cant have it both ways

 

[boomtown]

For electronic transactions I don't see why rounding (other than to the nearest cent) would be required.

Yes it may be petty but if you are doing several million transactions each worth a few cents then no one would expect you to round.

PS I am not recommending you call them up and ask for your 2 cents back. Not if you are intending on getting a reference.

PPS rounding is less of an issue in jurisdictions like Canada where the GST is hidden. The requirement to show GST as a separate line item on dockets in Australia means that the vendor has the option to quote a GST exclusive price (which is pretty rare in retail but common in services). Resi rent is GST free - do you get charged GST on water?

 

[eKwatee]

On calculation you should be entitled to stay in the property an extra 31 seconds to get your 2 cents worth.

 

[Aaron Sice]

i would have said it would be 380pw x 52 weeks divided by 365.25 = $54.09

 

[boomtown]

i would have said it would be 380pw x 52 weeks divided by 365.25 = $54.09

Seeing as this thread is devoted to matters pedantic - the rental rate is stated as a weekly rate not annual rate (it is not rented at $19,760 pa). Therefore your calculation while interesting is not relevant.

 

[Aaron Sice]

having just rented a commercial space - all i have been thinking of is annual charges.

so yes - you're prob right !!!!

 

[AlmostBob]

If the lease contract is wrtten properly by the lessor, the rent is $380.00 for that one day.
When you rent a car the rent is $per day or part thereof
If you return a video 1 hour past the cutoff time you are charged 1 day.
the property, real or chattel is not available to the lessor to relet.

 

[asdf]

Seeing as this thread is devoted to matters pedantic - the rental rate is stated as a weekly rate not annual rate (it is not rented at $19,760 pa). Therefore your calculation while interesting is not relevant.

Yes have been caught out before. Though rents advertised as weekly, agents calculate yearly and ask you to pay monthly. 52 weeks only has 364 days hence they divide weekly by 7 first then multiply by 365 to get annual rent.