Question

The tax rate on Jerome Jame's $112,000 vacation home is 25 mills. The property is assessed at full value. How much will Jerome pay in taxes this year?
A. $2,800
B. $7,800
C. $780
D. $28,000

Answer 1

Answer:

$2,800

Step-by-step explanation:

Given : The tax rate on Jerome Jame's $112,000 vacation home is 25 mills.

To Find : How much will Jerome pay in taxes this year?

Solution :

Tax rate = 25%

Jerome Jame's pay = $112,000

Amount of tax = $25\% \times 112000$

Amount of tax = $\frac{25}{100}\times 112000$

Amount of tax = $28000$

So, Option A is true

Hence Jerome pay $2,800 in taxes this year

Answer 2

Answer: A. $2,800

Step-by-step explanation:

Given: The value of Jerome's home= $112,000

Thus, the assessment of the property = $112,000

We know that to calculate the property tax, multiply the assessment of the property by the mill rate and divide by 1,000.

Thus, the property tax $=112000\times\frac{25}{1000}=\ 2,800$

Hence, Jerome pay $2,800 in tax.

Therefore, A is the right answer.