Real Estate Math
A home's current assessed value is $240,000 and the property tax rate is $1.10 per $100. Taxes are paid in two installments. What is each installment?
A$1,100
B$1,320✓ Correct
C$1,540
D$1,760
Explanation
Annual taxes = ($240,000 / $100) x $1.10 = 2,400 x $1.
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