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Darrick Johnson Wants to Buy a Home

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Darrick Johnson wants to buy a home. He has narrowed the choice down to a $245,000 home in Sweet Oak and a $282,000 home in Cherry Hill. With regard to property taxes, Sweet Oak has an assessment rate of 90% and a tax rate of $1.45 per $100 of assessed value, while Cherry Hill has a 70% assessment rate and a tax rate of 19.4 mills. Which house has the higher property tax, and by how much? (Round to the nearest cent)

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Definitions:

Conditional Contract

An agreement where the obligations or terms are only to be fulfilled if certain conditions are met.

Condition Concurrent

A situation in a contract wherein the parties involved must perform their respective obligations at the same time.

Washing

Typically refers to cleaning something by immersing and agitating it in water or another liquid.

Conditional Contract

An agreement that becomes enforceable only after certain conditions are met or fulfilled.

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