Real Estate Math
An Indiana title company charges $3.50 per $1,000 of purchase price for an owner's title policy. What is the premium on a $385,000 purchase?
A$1,347.50✓ Correct
B$1,750.00
C$3,850.00
D$385.00
Explanation
Premium = ($385,000 ÷ $1,000) × $3.50 = 385 × $3.50 = $1,347.50. Using the values given ($3.50, $1,000), apply the appropriate formula.. The correct answer is $1,347.50.. This is a common calculation on the Indiana real estate exam.
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