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?
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The home costs $82,107.
80% of that is being financed.
How much is being financed?
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.