So the way rent is calculated is the following I am using $700/week as an example:
Daily Rent - $100 Weekly Rent - $700 Fortnightly Rent - $700 x 2 = $1400 Calendar Monthly Rent - $700 divided by 7 = $100 (daily rent) x 365 = $36,500 (Yearly Rent) divided by 12 =$3,041.67 (Calendar Month)
The reason it is calculated in this way is that not each month has 28,30 or 31 days in it and as calendar monthly rent is say the 10th of the month to the 9th of the following month this allows the calculation of 12 equal payments.
Hope this information assisted with your question.
Adriana Verdino Director | Property Manager Real Simple Property Group