*Financial Algebra* {Correct Me]

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

*Financial Algebra* {Correct Me]

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 <--- My Choice

amistre64 · Answer

and the reason for that choice is?

anonymous · Answer

Found on it over the internet to be honest

anonymous · Answer

0.70/100 ?

amistre64 · Answer

what are we taxing tho; the purchase amount, or the financing amount?

anonymous · Answer

the financing amount

amistre64 · Answer

doc stamp "on the deed" taxes the purchase amount

anonymous · Answer

ok , do I divide 0.70/100 ?

amistre64 · Answer

you can if you want ... $$\frac{($)*(.70)}{100}$$

anonymous · Answer

(82,107)*(.70)/(100)  does it look right ?

amistre64 · Answer

looks fine to me

anonymous · Answer

I got 574.749

amistre64 · Answer

yep, so that should lead yo to the 574 option

amistre64 · Answer

575 or so :)

anonymous · Answer

Thank you for helping me I was really lost :D