Real Estate Math
A Raleigh-Durham area home sells for $625,000. What is the NC excise tax?
A$625
B$1,250✓ Correct
C$6,250
D$625,000 / 500 = 1,250 x $1 = $1,250
Explanation
NC excise tax = $1 per $500. $625,000 / $500 = 1,250 stamps x $1 = $1,250.
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