Answer :
Answer:
Monthly taxes = $250.63 (Approx.)
Step-by-step explanation:
Given:
Amount of purchase = $205,950
Loan amount = $164,760
Assessed value = $200,500
Tax rate is 1.5%
Find:
Monthly taxes
Computation:
Tax always calculated on Assessed value
Annual tax amount = 200,500 x 1.5%
Annual tax amount = 3,007.5
Monthly taxes = Annual tax amount / 12
Monthly taxes = 3,007.5 / 12
Monthly taxes = 250.625
Monthly taxes = $250.63 (Approx.)