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Amir Saei

Inspiring and engaging mathematics specialist, 5+ to STEP

494Students helped
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Maths

Asked by Diana · 2 years ago

The tax rate on Jerome Jame's $112,000 vacation home is 25 mills. The property is assessed at full value. How much will Jerome pay in taxes this year? A. $780 B. $7,800 C. $2,800 D. $28,00?

Hello, As mention in the question, Tax Rate = 25 mills = 2.5 % (25/1000) Principal Amount = $112000 Period = Time = 1 year Thus we see this as a mathematical equation in the form of simple interest (SI) SI = (principal amount * tax rate * time) / 100 SI = (112000 * 2.5*1)/100 = $2800 Hope this helps to get your answer

Amir's profile picture

Amir Saei

Inspiring and engaging mathematics specialist, 5+ to STEP

494Students helped
1Questions answered
£200Per hour