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anonymous

  • one year ago

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

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  1. anonymous
    • one year ago
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    @jim_thompson5910

  2. anonymous
    • one year ago
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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? $575.12<---- $575.40 $694.58 $694.75

  3. jim_thompson5910
    • one year ago
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    You are correct. 0.35/100 = 0.0035 0.0035*164320 = 575.12

  4. anonymous
    • one year ago
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    it's correct

  5. jim_thompson5910
    • one year ago
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    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

  6. jim_thompson5910
    • one year ago
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    So now I'm not so sure

  7. phi
    • one year ago
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    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

  8. phi
    • one year ago
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    thus $164,320 /100 = 1643.20 round up to 1644 now figure the cost at 0.35 * 1644=

  9. anonymous
    • one year ago
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    can you check a few more

  10. anonymous
    • one year ago
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    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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