Phyllis bought a beach townhouse for $475,000 and put down $50,000 in earnest money. At closing, she paid $150,000, the balance of her intended down payment. The mortgage tax in the area is $.35 per $100 (or portion thereof). Calculate what Phyllis will pay for the mortgage tax.

$962.50

Explanation:

Given the following :

Cost of beach townhouse = $475,000

Amount payed in earnest = $50,000

At closing = $150,000

Tax fee = $0.35 per $100

Total down-payment = $(50,000 + 150,000) = $200,000

Amount being taxed = $(475,000 - 200,000)

Amount being taxed = $275,000

Total tax paid :

($275,000 / $100) × $0.35

2750 * $0.35 = $962.50

= $962.50

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