Real Estate Math
A South Carolina property sells for $172,500. How much transfer tax is owed?
A$636.45✓ Correct
B$637.00
C$637.75
D$638.25
Explanation
Transfer tax = $1.85 per $500. $172,500 ÷ $500 = 345. 345 × $1.85 = $638.25.85 = 340 × 1.85 + 5 × 1.85 = 629 + 9.25 = $638.25.
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