Real Estate Math
A Nevada buyer closes on a $350,000 home on March 15. Annual property taxes are $4,200 (paid in arrears). The seller owes taxes from Jan 1 to March 15. How many days does the seller owe? (Use 30-day months)
A69 days
B74 days✓ Correct
C75 days
D76 days
Explanation
Jan: 30 days, Feb: 30 days, Mar 1-15: 15 days. Total = 30 + 30 + 15 = 75 days. Daily rate = $4,200 ÷ 360 = $11.67. Seller owes $11.67 × 74 = $863.58 (some methods use 74 days because settlement day belongs to buyer). Using 74 days is common.
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