Real Estate Math
A Providence property sold for $375,000. Using Rhode Island's Realty Transfer Tax of $2.30 per $500 of consideration, what is the total transfer tax?
A$1,725✓ Correct
B$1,840
C$1,955
D$2,070
Explanation
Transfer tax = ($375,000 / $500) x $2.30 = 750 x $2.30 = $1,725. Using the values given ($375,000, $2.30), apply the appropriate formula.. The correct answer is $1,725.. This is a common calculation on the Rhode Island real estate exam.
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