Paying rent monthly or weekly

[milo1978]

I really someone can help me here...

My landlord has given me the choice to pay my rent weekly or monthly.

My rent is �190 per wk or �760 a month (they come to collect rent every 4 wks)

However I have worked out that there are 54 wks this year (from 1st jan-31st dec)

Thats 54 x 190 = �10260

BUT

760 X 12 = �9120

I cant work it out!! Surely it would be the same?? Can anyone help?? Im guessing its actually quite simple and im just being thick!! x

[DanAB]

you are close to working it out correctly.

52 weeks divided by 4 = 13

this is because some months can be 5 weeks long. you are taking 4 weeks as 1 month.

13 x 760 = �9880
OR
52 x 190 = �9880

[factor-fiction]

It is probably �760 every 4 weeks not every month.

I'm not sure how you arrived at a figure for 54 weeks in a year. This year has 365 days- that's 52 weeks plus one day, so the most there could be is 53 rent payment days falling in the year, but that would mean next year there would be only 51 rent payment days.

Another factor is whether you have to pay in advance or at the end of the period. If it's at the end you might as well pay monthly/ four weekly and gain some interest in the meantime, but you'd need to make sure you could budget so you can pay on time.

[sandmaster]

Dan and factor are right. You have miscalculated the number of weeks in a year - it is never 54. And paying every 4 weeks means 13 payments in a year, paying monthly means 12 payments.
The landlord's figures are correct.
�190 x 52 / 13 = �760

[milo1978]

Thanks so much everyone, I understand it now!!
x

[Connemmara]

God Milo what an astromical rent to pay - do you live in a palace. In today's economic climate - could you not buy your own place since the house market has dropped dramatically. Bless you!!!!!