Finance
A New York buyer obtains a $650,000 mortgage. The mortgage recording tax is 1.8% (a typical NYC rate for loans over $500,000). How much mortgage recording tax must the borrower pay?
A$6,500
B$11,700✓ Correct
C$12,350
D$13,000
Explanation
Mortgage recording tax = $650,000 x 0.018 = $11,700.
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