Question

Fernando is purchasing a home for $101,750 and is financing 65% 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? A. $712.60 B. $1453.57 C. $462.96 D. $944.82

Answer 1

Answer:

C) $462.96

Step-by-step explanation:

Home cost = $101,750

He gets 65% finance of $101,750

65% of 101, 750 = 65/100 *101,750

= 0.65 *101750

= $66137.50

Fenando has to get stamp for $66137.60

Stamp tax = $0.70 per 100

Stamp tax for $66137.60 * 0.70 divided by 100

= (66137.60*0.70) /100

= $462.96

Answer: C) $462.96

Hope this will helpful.

Thank you.