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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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  1. 11 August, 21:44
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    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
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