MATHS

Asked by DianaHello, As mention in the question, Tax Rate = 25 mills = 2.5 % (25/1000) Principal Amount = $112000 Period = Time = 1 year Thus we see this as a mathematical equation in the form of simple interest (SI) SI = (principal amount * tax rate * time) / 100 SI = (112000 * 2.5*1)/100 = $2800 Hope this helps to get your answer

Hello Diana. The Mills rate represents a figure amount per $1000 of the assessed value of the property (mills is derived from the Latin word "millesium" which means thousandth). The assessed value of the property is $112,000. The tax rate is 25 mills which means $25 per $1000. So the tax due is 25*112=$2800. Alternatively, one can think of 25 mills as a tax rate of 2.5% (25/1000 = 2.5/100). So now you just need to calculate 2.5% of $112,000 which is $2800. I hope this helps. Best wishes, Amir Saei