So the question is
You are about to buy a small investment property in South Australia for a purchase price of $383000. What LTO Fee will you pay if the following rates table applies. Round your answer to the nearest dollar.
Value of the property | LTO Fee |
does not exceed $5,000 | $140 |
does not exceed $20,000 | $154 |
does not exceed $40,000 | $170 |
exceeds $40,000 | $237 plus $69.00 for every $10,000 (or part of $10,000) above $50,000 |
What I did was 383 000 - 50 000 = 333 000, 333 000 / 10 000 = 33.3, 33.3 X 69 = 2 297.7, 2 297.7 + 237 = 2534.7
The given answer was 2538 and I cannot figure out for the life of me how they worked that out? It's Friday so I can't ask my lecturer and the online test finishes this weekend. Arghhhh
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