Real Estate Math
A Michigan property sold for $375,000. Transfer tax is $8.60 per $1,000 of sale price (combined state and county). What is the transfer tax?
A$3,225✓ Correct
B$3,127.50
C$2,741
D$3,375
Explanation
Transfer tax = ($375,000 ÷ $1,000) × $8.60 = 375 × $8.
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