Real Estate Math
A Florida buyer needs to pay doc stamps on a $355,000 mortgage note at $0.35/$100, plus an intangible tax of $0.002 per $1 on the same note (historical rate). What are the combined taxes on the note?
A$1,950.00
B$1,952.50✓ Correct
C$1,242.50
D$1,953.50
Explanation
Doc stamps = ($355,000 ÷ 100) × $0.35 = $1,242.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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