anonymous
  • anonymous
can somebody please check my answers to see if they are right
Mathematics
jamiebookeater
  • jamiebookeater
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anonymous
  • anonymous
anonymous
  • anonymous
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
jim_thompson5910
  • jim_thompson5910
You are correct. 0.35/100 = 0.0035 0.0035*164320 = 575.12

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anonymous
  • anonymous
it's correct
jim_thompson5910
  • jim_thompson5910
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
jim_thompson5910
  • jim_thompson5910
So now I'm not so sure
phi
  • phi
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
phi
  • phi
thus $164,320 /100 = 1643.20 round up to 1644 now figure the cost at 0.35 * 1644=
anonymous
  • anonymous
can you check a few more
anonymous
  • anonymous
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

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