The annual Hazard insurance bill for a property is $700. The seller has already paid for insurance through December 31st. The closing date of the sale of the property is August 15th. Assuming there are 365 days in the year the buyer is responsible for the day of closing, how much will the seller be refunded for his overpayment of the insurance bill?

A. $264.96
B. $266.88
C. $270.28
D. $433.92

Answer: B. $266.88

Business

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Indicate whether the statement is true or false

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