What is the price of state documentary stamp tax on the deed for property that is located outside of Dade County quizlet?

Step 1: $150,000 unpaid balance × .05 rate = $7,500 interest ÷ 12 months= $625 first month's interest

Step 2: $805.23 monthly payment - $625 interest = $180.23 payment on principal

So the first month's interest was $625, and the principal reduction in month one was $180.23.

However, the buyer wanted to know about the first three months, so take credit for the $180.23 paid on the principal by subtracting that amount from the $150,000.

Step 3: $150,000 - $180.23 principal paid first month = $149,819.77 new principal balance

Now, repeat the steps above to determine the answers for the second and third months, beginning with:

Step 4: $149,819.77 new principal balance × .05 rate = $7,490.9885 ÷ 12 months = $624.25 interest

Repeat steps 2 and 3 to determine the unpaid balance remaining after payment of the second month's principal. Begin with this new principal balance at the end of the second month and repeat steps 1, 2, and 3 to find the amount paid for interest and principal during the third month. Thus, the answer to your buyer's question is as follows:

First month: principal = $180.23; interest = $625.00

Second month: principal = $180.98; interest = $624.25

Third month: principal = $181.74; interest = $623.49

You bought a house for $195,000. You gave a deposit of $25,000, assumed a recorded mortgage of $100,000, and signed a new second mortgage and note for $70,000. What are the total state taxes due as a result of this transfer of property?

A)
$2,100
B)
$1,365
C)
$1,265
D)
$1,960

A = The answer is $2,100. The solution is $195,000 ÷ $100 increments = 1,950 taxable increments. 1,950 × $.70 rate = $1,365 doc stamps on deed. $100,000 ÷ $100 increments = 1,000 taxable increments. 1,000 × $.35 rate = $350 doc stamps on assumed mortgage note. $70,000 ÷ $100 increments = 700 taxable increments. 700 × $.35 rate = $245 doc stamps on new mortgage note. $70,000 new mortgage × $.002 = $140 intangible tax on new mortgage. $1,365 + $350 + $245 + $140 = $2,100.

C = The answer is $397,500. The solution is tract A: 100% - 20% = 80%. 80% = $150,000 sale price. $150,000 ÷ .80 = $187,500 cost. $187,500 cost - $150,000 sale price = $37,500 loss from tract A. Tract B: $300,000 cost + 20% profit = $300,000 × 1.20 = $360,000 sale price. $360,000 sale price to make a 20% profit + $37,500 loss from A = $397,500 target sale price for B.

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Step 1. Begin by determining how much of the gross sales are subject to the 3% charge.
$450,700 total gross sales - $325,000 = $125,700 subject to 3%

Step 2. Multiply the amount subject to the 3% charge.
$125,700 x .03 = $3,771 additional annual rent

Step 3. Add the additional annual rent to the base rent to determine total annual rent due.
$1,000 x 12 months = $12,000 annual base rent
$12,000 annual base rent + $3,771 additional rent = $15,771 total rent

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