Question

Please explain both to me

1/1 point 2. Fernando is purchasing a home for $101,750 and is financing 65% of it. The documentary stamp tax on (1 point) the deed in his state is $0.70 per $100 or portion thereof. How much will he pay for the documentary stamp tax? c (1 pt) $712.25 C (0pts) $1453.57 X (0pts) $462.96 C (0pts) $944.82 0/1 point 3. Lucia and Randy have signed a contract to purchase a home. The closing date is March 27, and the buyer (1 point) owns the property on the day of closing. The selling p rice 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? x (0pts) $11,796.40 c (0pts) $65,585.65 c (0pts) $38,514.00 c (1 pt) $12,484.15 0/1 point

Answer 1

2)

Documentary stamp tax:

= (House value/$100)×$0.70

= ($101,750/$100)×$0.70

= 1,017.50×$0.70

= $712.25