Real Estate Math
Prorating property taxes at closing: the seller owns the first 8 months of the year (240 days) before closing. Annual taxes are $4,200. How much does the seller owe at closing using a 360-day year?
A$1,400
B$2,800✓ Correct
C$2,333
D$3,200
Explanation
Daily rate = $4,200 ÷ 360 = $11.67/day.
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