A family is considering purchasing a home valued at $350,000 In City M, the property tax rate is 1.2% , and there is an additional annual real estate tax of $500 In City N, the property tax rate is 1.5% , with no additional real estate tax. What is the total annual tax in each city?
Answer
A
4 dollars comma 200 in City M and 5 dollars comma 250 in City N
B
4 dollars comma 700 in City M and 5 dollars comma 250 in City N
C
5 dollars comma 200 in City M and 5 dollars comma 250 in City N
D
4 dollars comma 700 in City M and 5 dollars comma 500 in City N
Explanation
In City M, 1.2% of $350,000 is $4,200; adding the $500 annual real estate tax gives a total of $4,700. In City N, 1.5% of $350,000 is $5,250, with no additional tax. Therefore, the correct choice is $4,700 in City M and $5,250 in City N.
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