Real Estate Math
A New Jersey home sold for $385,000. The Realty Transfer Fee for amounts over $150,000 is $2.00 per $500 (or fraction thereof). What is the RTF on the amount above $150,000?
A$940✓ Correct
B$1,540
C$470
D$935
Explanation
Amount above $150,000 = $385,000 – $150,000 = $235,000. Number of $500 increments = $235,000 ÷ $500 = 470.
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