Real Estate Math
A Rhode Island seller pays the realty transfer tax of $2.30 per $500 on a $550,000 sale. How much is the tax?
A$1,265
B$2,530✓ Correct
C$1,075
D$2,150
Explanation
Number of $500 increments: $550,000 ÷ $500 = 1,100. Transfer tax: 1,100 × $2.
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