TN Auctioneer Practice Questions - Tennessee Licensed Auctioneer Exam

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A buyer at a Tennessee auction pays $5,000 for a lot. There is a 12% buyer's premium and 9.75% Tennessee sales tax on the total (hammer price + premium). What is the total amount the buyer owes?

$$5,600.00 $$6,146.60 $$6,000.00 $$5,487.50

Correct Answer:

$$6,146.60

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