Real Estate Math
A Massachusetts property is assessed at $480,000. The tax rate is $14.25 per $1,000. Annual taxes are paid in two semi-annual installments. What is each installment?
A$3,420✓ Correct
B$6,840
C$1,710
D$2,856
Explanation
Annual taxes = ($480,000 ÷ $1,000) × $14.25 = 480 × $14.25 = $6,840. Semi-annual installment = $6,840 ÷ 2 = $3,420.
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