Franklin is purchasing a home for $82,107 and is financing 80% of it. The documentary stamp tax on the deed in his state is $0.70 per $100 or portion thereof. How much will he pay for the documentary stamp tax?

$1,172.90

$938.30

$575.40

$459.70

Question

Franklin is purchasing a home for $82,107 and is financing 80% of it. The documentary stamp tax on the deed in his state is $0.70 per $100 or portion thereof. How much will he pay for the documentary stamp tax?

 $1,172.90

 $938.30

 $575.40

 $459.70

anonymous · Answer

The home costs $82,107.

80% of that is being financed.

How much is being financed?

Next:
The tax is $0.70 per $100 OR PORTION THEREOF.

How many portions of $100 are there in 80% of $82,107?

Then multiply that number by $0.70 and you have your answer.

anonymous · Answer

got it :) thank you!