Real Estate Math
Annual property taxes are $4,800. The closing is on March 1 (day 60 of the year). Using the 365-day method with taxes paid in arrears, how much does the seller owe in prorated taxes?
A$789.04✓ Correct
B$800.00
C$4,010.96
D$400.00
Explanation
Daily rate = $4,800 ÷ 365 = $13.15/day.
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