Finance
Minnesota's Mortgage Registry Tax (MRT) is charged on new mortgages. If the MRT rate is $0.23 per $100, what is the MRT on a $280,000 mortgage?
A$644✓ Correct
B$552
C$920
D$476
Explanation
MRT = ($280,000 / $100) x $0.23 = 2,800 x $0.23 = $644. The Minnesota Mortgage Registry Tax applies to new mortgages recorded in Minnesota. It is a one-time tax paid at closing and varies by mortgage amount.
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