A house is selling for $190,000 a deposit of $10,000 was made when sales contract was signed. The down payment is 25% and the balance will be financed wits 25 year mortgage at 9% and three discount points. If the sellers are responsible for the brokers commission of 6% of purchase price, $1,250 in other closing costs, and the existing mortgage, with a balance of $70,000, what proceeds will the sellers receive from the sale of the house? $118,750 $125,380 $107,350 $94,840
A house is selling for $190,000 a deposit of $10,000 was made when sales contract was signed. The down payment is 25% and the balance will be financed wits 25 year mortgage at 9% and three discount points. If the sellers are responsible for the brokers commission of 6% of purchase price, $1,250 in other closing costs, and the existing mortgage, with a balance of $70,000, what proceeds will the sellers receive from the sale of the house? $118,750 $125,380 $107,350 $94,840
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
Problem 1PS
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A house is selling for $190,000 a deposit of $10,000 was made when sales contract was signed. The down payment is 25% and the balance will be financed wits 25 year mortgage at 9% and three discount points. If the sellers are responsible for the brokers commission of 6% of purchase price, $1,250 in other closing costs, and the existing mortgage, with a balance of $70,000, what proceeds will the sellers receive from the sale of the house?
$118,750
$125,380
$107,350
$94,840
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