Real Estate Math
A property is valued at $560,000. Property taxes are 1.25% of value annually and are paid in two equal installments. What is each installment amount?
A$7,000
B$3,500✓ Correct
C$5,600
D$2,800
Explanation
Annual tax = $560,000 × 1.25% = $7,000. Each of the two installments = $7,000 ÷ 2 = $3,500.
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