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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?

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JeanaShupp

Answer: $459.79


Step-by-step explanation:

Given: Franklin is purchasing a home for $82,107 and is financing 80% of it.

The purchasing amount of home = $82,107

Amount of finance =[tex]0.8\times82107=65685.6[/tex]

The documentary stamp tax on the deed in his state is $0.70 per $100 or portion thereof.

The documentary tax=[tex]65685.6\times\frac{0.7}{100}=\ $459.79[/tex]



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