* 25)A property is being sold for $95,000 with the buyer is assuming an existing mortgage of $48,565 and giving the seller a purchase money mortgage for $15,000. How much will the Illinois State transfer tax stamps be?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Give typing answer with explanation and conclusion 

*
*25)A property is being sold for $95,000 with the buyer is assuming an existing mortgage of $48,565 and giving the seller a purchase money mortgage for $15,000. How
much will the Illinois State transfer tax stamps be?
$23.25
$31.50
$16
$46.50
Transcribed Image Text:* *25)A property is being sold for $95,000 with the buyer is assuming an existing mortgage of $48,565 and giving the seller a purchase money mortgage for $15,000. How much will the Illinois State transfer tax stamps be? $23.25 $31.50 $16 $46.50
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