if a home is valued at $250,000 and the property tax rate is 2 percent, how much will the owners pay in…

if a home is valued at $250,000 and the property tax rate is 2 percent, how much will the owners pay in property taxes?\n○ $50\n○ $500\n○ $5,000\n○ $50,000

if a home is valued at $250,000 and the property tax rate is 2 percent, how much will the owners pay in property taxes?\n○ $50\n○ $500\n○ $5,000\n○ $50,000

Answer

Explanation:

Step1: Convert percentage to decimal

To use the percentage in the calculation, we convert 2 percent to a decimal. 2 percent is equivalent to $ \frac{2}{100} = 0.02 $.

Step2: Calculate property tax

The property tax is calculated by multiplying the home value by the tax rate. The home value is $250,000, and the tax rate is 0.02. So the calculation is $250,000\times0.02$. $250000\times0.02 = 5000$

Answer:

$5,000$ (corresponding to the option: $5,000$)