Question

can somebody please check my answers to see if they are right

Answer 1

@jim_thompson5910

Answer 2

Hayden and Brianna received a mortgage in the amount of $164,320 for a condominium that cost $198,450. The documentary stamp tax fee for mortgages in their state is $0.35 per $100 or portion thereof. How much did Hayden and Brianna pay for the documentary stamp tax?

$575.12<----
$575.40
$694.58
$694.75

Answer 3

You are correct.

0.35/100 = 0.0035
0.0035*164320 = 575.12

Answer 4

it's correct

Answer 5

Or then again...

0.35/100 = 0.0035
198450*0.0035 = 694.575

which rounds to 694.58
I used the property value instead of the mortgage amount

Answer 6

So now I'm not so sure

Answer 7

when they say
$0.35 per $100 or portion thereof

the "or portion thereof" is lawyer speak for "it costs 0.35 for a portion of $100"
in other words, $100 costs 0.35 but $101 costs 0.70 because they charge 0.35 for the $100 and $0.35 for the next $1

all of that means: divide the original by 100. If there is a fraction, round up to the next whole dollar. then multiply by 0.35

Answer 8

thus $164,320 /100 = 1643.20
round up to 1644
now figure the cost at 0.35 * 1644=

Answer 9

can you check a few more

Answer 10

Aaliyah obtained a 25-year, fixed rate mortgage for $220,500 on a home that cost her $243,950. If the interest rate on the mortgage is 6.15%, how much interest will Aaliya pay over the life of the mortgage? @jim_thompson5910