Real Estate Math
A Rhode Island property sells for $475,000. The RI Realty Transfer Tax is $2.30 per $500. What is the tax?
A$1,092.50
B$2,185✓ Correct
C$928.62
D$1,857
Explanation
Number of $500 increments: $475,000 ÷ $500 = 950. Transfer tax: 950 × $2.30 = $2,185. Using the values given ($475,000, $2.30), apply the appropriate formula.. The correct answer is $2,185.. This is a common calculation on the Rhode Island real estate exam.
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