How much annual rent does Joseph pay for his leased space?

To determine the annual rent that Joseph pays for his leased space, we typically need to analyze the details surrounding his lease agreement, such as the monthly rent amount and any additional terms stipulated in the contract.

If the correct answer is $61,200, this indicates that the monthly rent amount was likely set at $5,100 since $61,200 divided by 12 months equals $5,100 per month. This calculation aligns with standard practices in property management, where lease agreements often stipulate rental amounts on a monthly basis.

This choice also reflects typical market rates for commercial or residential properties in a given area, taking into account factors like the location, size of the space, condition, and amenities included in the lease. If Joseph's rental amount were significantly lower or higher than market rates, it might raise questions about the lease's terms or conditions.

Other provided amounts may be less accurate representations of his actual rental obligation when calculated on an annual basis, given that they fall outside the calculated monthly rent figure of $5,100. Understanding how to convert monthly rent into annual rent is crucial for property management, as it aids in financial planning and budgeting for both landlords and tenants.