The highest amount that the buyer will have to pay is the final sale value price plus the value of the sales tax. In this case, the buyer will be paying $523,800 for the house.
Sales tax refers to a form of tax levied with the aid of using the government while commodities are bought withinside the market.
The burden of the sales tax falls on the vendor however is in the end paid with the aid of using the consumer. It may be categorized as an indirect tax.
Given information:
Cost price by buyer = $525000
Selling price by seller = $485000
Sales tax = 8%
Sales tax amount = selling price x sales tax percentage
= $485000 * 0.08
= $38800
Selling price = $485000 + $38800 = $523,800
Therefore, The highest amount that the buyer will have to pay is the final sale value price plus the value of the sales tax. In this case, the buyer will be paying $523,800 for the house.
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