Question

If the tax rate on homes in topeka, kansas is 3 percent of their value and bonnie owns a $100,000 house, how much will the real estate taxes add to her monthly mortgage payment?.

Answer 1

Answer:250

Explanation: 100000x.03=3000

3000/12=250

Answer 2

The real estate taxes will add $2500 to her monthly mortgage payment.

What is a monthly mortgage payment?

A monthly mortgage payment is an amount paid monthly for a particular mortgage. The way this is calculated is by determining the value of the mortgage and the tax attached to it, divided by 12 months.

From the given information;

• The value of Bonnies House = $100,000
• The tax rate = 3%

The yearly tax rate on the mortgage = 0.3 × 100,000

= $30,000

The monthly mortgage payment on the yearly tax rate is:

= $30,000/12

= $2500

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