Real Estate Math
A Massachusetts property sells for $685,000. The deed excise tax is $4.56 per $1,000. What is the excise tax?
A$3,123.60✓ Correct
B$3,200.00
C$3,000.00
D$3,425.00
Explanation
Deed excise = ($685,000 ÷ $1,000) × $4.56 = 685 × $4.56 = $3,123.60. Using the values given ($685,000, $4.56), apply the appropriate formula.. The correct answer is $3,123.60.. This is a common calculation on the Massachusetts real estate exam.
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