the tax rate on jeromes $112,000 home is 25 mills. the property is assessed at full value. how much will…

the tax rate on jeromes $112,000 home is 25 mills. the property is assessed at full value. how much will jerome pay in taxes this year?\na) $780\nb) $28,000\nc) $2,800\nd) $7,800

the tax rate on jeromes $112,000 home is 25 mills. the property is assessed at full value. how much will jerome pay in taxes this year?\na) $780\nb) $28,000\nc) $2,800\nd) $7,800

Answer

Explanation:

Step1: Convert mills to decimal

1 mill = 0.001, so 25 mills = 0.025.

Step2: Calculate the tax amount

Tax amount = Assessed - value×Tax - rate. The assessed - value of the home is $112000 and the tax - rate is 0.025. So, Tax amount = $112000×0.025 = $2800$.

Answer:

C. $2800