The formula I = PRT where I = Interest, P = principal, R = rate, and T = time is used to calculate the amount of simple interest
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We start by calculating the assessed value, that is 41% of the price.
The price is $92,000.
Then, the assessed value is:
The property tax rate is $39.50 per $1000 of assessed value, so we can express this rate as:
We then can multiply this rate by the assessed value to calculate the total property tax:
NOTE: we could have also multiplied 39.50 by 37.72. The value 37.72 is the thousands of dollars of assessed value. We would have obtained the same result: 39.50*37.72=1489.94.
Answer: the property tax is $1,489.94.