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How much will pay for the documentary stamp tax

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Question 1: Franklin is purchasing a home for $82,107 and is financing 80% 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?

Option a. $1,172.90

Option b. $938.30

Option c. $575.40

Option d. $459.70

Question 2: Lucia and Randy have signed a contract to purchase a home. The closing date is March 27, and the buyer owns the property on the day of closing. The selling price of the home is $852,500. Lucia and Randy obtained a fixed-rate mortgage from a bank for $665,000 at 7.55% interest. The seller has already paid $15,378.15 in property taxes for the coming year. How much will Lucia and Randy owe in prorated expenses?

Option a. $11,796.40

Option b. $65,585.65

Option c. $38,514.00

Option d. $12,484.15

Reference no: EM132484737

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