A community for students.
Here's the question you clicked on:
 0 viewing
anonymous
 one year ago
can somebody please check my answers to see if they are right
anonymous
 one year ago
can somebody please check my answers to see if they are right

This Question is Closed

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Hayden 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
 one year ago
Best ResponseYou've already chosen the best response.0You are correct. 0.35/100 = 0.0035 0.0035*164320 = 575.12

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.0Or 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
 one year ago
Best ResponseYou've already chosen the best response.0So now I'm not so sure

phi
 one year ago
Best ResponseYou've already chosen the best response.1when 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
 one year ago
Best ResponseYou've already chosen the best response.1thus $164,320 /100 = 1643.20 round up to 1644 now figure the cost at 0.35 * 1644=

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0can you check a few more

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Aaliyah obtained a 25year, 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
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.