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?

Answer 1

@jim_thompson5910

Answer 2

$1405.54
$1653.57
$688.71
$810.25

Answer 3

i think it's c or d

Answer 4

let me think for a moment

Answer 5

I think it's D because you are applying 0.70% to the value of the home and NOT the amount you finance

so,

0.007*115750 = 810.25

Answer 6

if it was C, then as you borrow less, then your property tax would be less

but again, the property is based on the value of the home

Answer 7

thank you so much

Answer 8

you're the best!