Real Estate Math
A Georgia borrower takes out a $320,000 security deed. The intangible recording tax is $1.50 per $500 of the loan amount. What is the total intangible tax?
A$480
B$640
C$960✓ Correct
D$1,440
Explanation
Number of $500 increments = $320,000 ÷ $500 = 640. Intangible tax = 640 × $1.50 = $960. Using the values given ($320,000, $1.50), apply the appropriate formula.. The correct answer is $960.. This is a common calculation on the Georgia real estate exam.
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