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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540 Exercise 126
Write the given tax rate using the other three methods. (See Example.)
Finding the Property Tax
Find the taxes on each of the following pieces of property. Assessed values and tax rates are given.
(a) $58,975; 8.4%
(b) $875,400; $7.82 per $100
(c) $129,600; $64.21 per $1000
(d) $221,750; 94 mills
SOLUTION
Multiply the tax rate by the assessed value.
(a) 8.4% =.084
Tax = Tax rate × Assessed value
Tax =.084 × $58,975 = $4953.90
(b) $875,400 = 8754 hundreds
Tax = $7.82 × 8754 = $68,456.28
(c) $129,600 = 129.6 thousands
Tax = $64.21 × 129.6 = $8321.62
(d) 94 mills =.094
Tax =.094 × $221,750 = $20,844.50
Finding the Property Tax
Find the taxes on each of the following pieces of property. Assessed values and tax rates are given.
(a) $58,975; 8.4%
(b) $875,400; $7.82 per $100
(c) $129,600; $64.21 per $1000
(d) $221,750; 94 mills
SOLUTION
Multiply the tax rate by the assessed value.
(a) 8.4% =.084
Tax = Tax rate × Assessed value
Tax =.084 × $58,975 = $4953.90
(b) $875,400 = 8754 hundreds
Tax = $7.82 × 8754 = $68,456.28
(c) $129,600 = 129.6 thousands
Tax = $64.21 × 129.6 = $8321.62
(d) 94 mills =.094
Tax =.094 × $221,750 = $20,844.50
Explanation
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Since the tax rate is per , the tax r...
Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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