Given:
Annual property tax = $1,140
Number of days = 91
To find:
Seller's credit for property tax
Solution:
The following is the calculation of the seller credit for property taxes,
[tex]\text{Seller credit for property taxes} = \text{Total tax}\times \frac{\text{Number of days}}{360}[/tex]
On plugging-in the values we get,
[tex]\text{Seller credit for property taxes} = \$1,140\times\frac{91}{360}[/tex]
[tex]\Rightarrow \$1,140\times0.25278 = \$288[/tex]
Therefore, the seller's credit for property taxes is $288.
