Finance
A Florida borrower obtains a $300,000 mortgage at 6% interest for 30 years. The documentary stamp tax on the mortgage note is:
A$1,050✓ Correct
B$1,750
C$2,100
D$525
Explanation
Florida documentary stamp tax on mortgage notes (promissory notes) is $0.35 per $100 (or fraction thereof) of the principal amount. $300,000 ÷ $100 = 3,000 × $0.35 = $1,050. This is paid at closing and recorded with the mortgage.
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