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A house is selling for $180,000. A deposit of $10,000 was made when the sales contract was signed. The down payment is 25% and the balance will be financed with a 25-year mortgage at 9% and 3 discount points. If the sellers are responsible for the broker's commission (6% of the purchase price); $1,950 in other closing costs; and the existing mortgage with a balance of $60,000; what proceeds will they receive on the sale of the property? $101,850.00 O $107,250.00 $112,650.00 O $116,650.00

A house is selling for $180,000. A deposit of $10,000 was made when the sales contract was signed. The down payment is 25% and the balance will be financed with a 25-year mortgage at 9% and 3 discount points. If the sellers are responsible for the broker's commission (6% of the purchase price); $1,950 in other closing costs; and the existing mortgage with a balance of $60,000; what proceeds will they receive on the sale of the property? $101,850.00 O $107,250.00 $112,650.00 O $116,650.00

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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A house is selling for $180,000. A deposit of $10,000 was made when the sales contract was signed. The down payment is 25% and the balance will be financed with a 25-year mortgage at 9% and 3 discount points. If the sellers are responsible for the broker's commission (6% of the purchase price); $1,950 in other closing costs; and the existing mortgage with a balance of $60,000; what proceeds will they receive on the sale of the property? $101,850.00 $107,250.00 $112,650.00 O $116,650.00
Transcribed Image Text:A house is selling for $180,000. A deposit of $10,000 was made when the sales contract was signed. The down payment is 25% and the balance will be financed with a 25-year mortgage at 9% and 3 discount points. If the sellers are responsible for the broker's commission (6% of the purchase price); $1,950 in other closing costs; and the existing mortgage with a balance of $60,000; what proceeds will they receive on the sale of the property? $101,850.00 $107,250.00 $112,650.00 O $116,650.00
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