Real Estate Math
A property's market value is $400,000. The owner purchases title insurance at a rate of $3.50 per $1,000 of coverage. What is the premium?
A$1,050
B$1,200
C$1,400✓ Correct
D$1,600
Explanation
Title insurance premium = ($400,000 ÷ $1,000) × $3.50 = 400 × $3.
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