Real Estate Math
A property in the Research Triangle Park area is listed at $875,000. The seller pays a 5% commission and NC excise tax. The excise tax is:
A$875
B$1,750✓ Correct
C$875,000 / 500 = 1750 x $1 = $1,750
D$3,500
Explanation
NC excise tax = $1 per $500. $875,000 / $500 = 1,750 stamps x $1 = $1,750.
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