Real Estate Math
An Alaska property sold for $395,000. The buyer made a 20% down payment. Transfer tax in the municipality is $3.50 per $1,000 of sale price. What is the transfer tax?
A$1,106
B$1,383✓ Correct
C$1,450
D$1,540
Explanation
Transfer tax = $395,000 ÷ $1,000 × $3.50 = 395 × $3.50 = $1,382.50, approximately $1,383. To solve this, multiply the relevant values: $395,000 and $3.50 at 20%.. The correct answer is $1,383.. This is a common calculation on the Alaska real estate exam.
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