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1.) 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?

 

2.) Jerry is purchasing a condominimum for $325,500 and has financed 90% of it. He has purcahsed 3 discount points, has to pay a 1.65% orgination fee and a brokerage fee of $100plus 0.25% of the loan. What are his total fees that he must pay?

 

Need help don't get this!

Guest Feb 21, 2017
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1.) 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?

 

$101,750 x 65% =$66,137.50 - Amount of finance.

I'm assuming that the "documentary stamp tax" is on the "Amount of finance".

$66,137.50 / 100 x $0.70 =$462.96 "documentary stamp tax"!!??.

 

 

2.) Jerry is purchasing a condominimum for $325,500 and has financed 90% of it. He has purcahsed 3 discount points, has to pay a 1.65% orgination fee and a brokerage fee of $100plus 0.25% of the loan. What are his total fees that he must pay?

 

$325,000 x 90% =$292,500 - Finance amount.

$292,500 x 3% =$8,775.00 - fees @ 3% discount.

$292,500 x 1.65% =$4,826.25 - origination fees - Not certain on this one!!??

$292,500 x 0.25 + $100 =$831.25 - brokerage fee.

$8,775.00 + $4,826.25 + $831.25 =$14,432.5 - Total fees paid!!??.

P.S. NOT certain about many of these fees. Make sure you understand it by consulting your textbook, checking examples used in the textbook. Not familiar with the Lingo used in your questions.

Guest Feb 21, 2017

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