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Tju [1.3M]
3 years ago
15

John and Mary Billings own a condominium with an assessed value of $110,000. If the tax rate is 25 mills per $1.00 of assessed v

aluation, how much tax do they pay? A. $1,420 B. $1,840 C. $1,200 D. $2,750
Business
1 answer:
Murljashka [212]3 years ago
7 0

Answer:

option (D) $ 2,750

Explanation:

Data provided :

Assessed value of John and Mary Billings = $ 110,000

Tax rate = 25 mills per  $ 1.00

or

Tax rate in dollars = 25/1000 = 0.025 / $ 1.00

therefore,

Tax they have to pay = Assessed value of John and Mary Billings × Tax rate

or

Tax to be paid = $ 110,000 × 0.025 = $ 2,750

Hence,

the correct answer is option (D) $ 2,750

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In any given economy, the quantity Theory of money states that money supply and price level are directly proportional. This is to say that when there is a change such as an increase in money supply, there would also be a proportional increase in price Ievel. Also when there is an increase in price level, there would also be a proportional increase in money supply.

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Hope this helps :)

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