If Seller Sam paid $488 for transfer taxes at closing, and the rate was $1.00 for every $400 or fraction thereof of the sale price, what was the sale price?

Question

Mathematics

Katelynn Trujillo

11 August, 20:44

If Seller Sam paid $488 for transfer taxes at closing, and the rate was $1.00 for every $400 or fraction thereof of the sale price, what was the sale price?

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Answers (1)

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Anabella Vasquez · Answer 1

Answer: The selling price was $195,200

Step-by-step explanation:

Given:

Tax paid = $488

Rate = $1 per $400 = 1/400

Using the formula;

Tax = rate * selling price

Selling price = tax / rate

Selling price = $488 / (1/400) = $488*400 = $195200