Question

Flint is purchasing a home for $115,750 and is financing 85% 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?
$1405.54

$1653.57

$688.71

$810.60

Answer 1

688.71

Answer 2

are you sure?

Answer 3

pretty sure.

Answer 4

stamp on deed uses purchase price for calculations; not the loan amount

Answer 5

sooooooooo?

Answer 6

youll have to be clearer than that .....

Answer 7

is the prior answer correct or are you contradicting it?

Answer 8

youll have to run the calculations to determine that.

Answer 9

was I wrong?

Answer 10

yes

Answer 11

you used the amount financed to calculate; when the tax "on deed" uses the selling/purchase price of the house