Real Estate Math
Annual property taxes are $3,960. Using the 360-day banking year method, what is the daily tax rate?
A$10.83/day
B$11.00/day✓ Correct
C$10.00/day
D$11.50/day
Explanation
Daily tax = $3,960 ÷ 360 = $11.00 per day. Using the values given ($3,960), apply the appropriate formula.. The correct answer is $11.00/day.. This is a common calculation on the Arkansas real estate exam.
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