Given a Tax Rate of $0

question 66

Multiple Choice

Given a tax rate of $0.0824 and an assessed valuation of $74,900, the total property tax due is:

• A)$6,111.67
• B)$6,110.67
• C)$6,071.67
• D)$6,171.76
• E)None of these

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Definitions:

Compounded Monthly

Interest on a loan or investment calculated each month and added to the balance, so future interest accrues on a larger total.

Savings

Money set aside for future use rather than spending immediately.

Lump Sum

A single payment made at a particular time, as opposed to several smaller payments.

Compounded Semi-annually

Interest on an investment or loan is calculated and added to the principal sum twice a year.