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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?
You are correct.
0.35/100 = 0.0035
0.0035*164320 = 575.12
Not the answer you are looking for? Search for more explanations.
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
So now I'm not so sure
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
thus $164,320 /100 = 1643.20
round up to 1644
now figure the cost at 0.35 * 1644=
can you check a few more
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