Real Estate Math
A Rhode Island home sold for $550,000. The realty transfer tax at $2.30 per $500 is:
A$2,530✓ Correct
B$2,645
C$2,150
D$2,875
Explanation
$550,000 / $500 = 1,100 units x $2.30 = $2,530. Using the values given ($550,000, $2.30), apply the appropriate formula.. The correct answer is $2,530.. This is a common calculation on the Rhode Island real estate exam.
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