Please correct answer and don't use hand raiting A seller needs to pay an estimated $2,000 in closing costs, $150,000 on his current mortgage,and wants $58,000 in cash for a down payment on another house. His listing agreementobligates him to pay 6% commission to the brokerage. What is the minimum selling price hecan accept?A. $197,400B. $218,400c. $222,600D. $225,807

To solve this question, we need to calculate the minimum selling price to cover all the seller's…

Answered: A seller needs to pay an estimated…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 15P

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15.
A house is selling for $150,000 a deposit of $20,000 was made when sales contract was signed. The down payment is 30% and the balance will be financed with a 25 year mortgage at 4.25% and four discount points. If the sellers are responsible for the brokers commission of 6% of purchase price, $$1300 in other closing cost, and existing mortgage with balance of $40,000 what proceeds will the seller receive? $108,700 $99,700 $101,000 $69,450
A buyer has agreed to purchase a home for $50,500. The buyer will assume a first mortgage in the amount of $32.200, will deposit $2.200 as earnest money, will deposit $5,600 in cash at cosing, and wl give the sellet a purchase- money mortgage for the balance. What is the amount of the purchase-money mortgage? a)$24,400 b)$18,300 c)$16,100 d)$10,500
Adam Marsh is purchasing a $134,000 condominium apartment. If the sellers are responsible for the 6% broker's commission, $900 in closing costs, and the existing first mortgage with a balance of $45,000, what proceeds will be received on the sale of the property? Sale price = Less: Closing costs = Broker fees = First mortgage = Seller's proceeds =
Suppose a furniture dealer offers to sell you a $5,000 bedroom suite on the following terms: Make no payment for six months, then pay $450 per month for 12 months. What rate of interest (APR) is being extended? A. 0.67% B. 8.09% C. 8.04%
What is your margin loan amount?
A house is selling for $150,000. A deposit of $20,000 was made when the sales contract was signed. The down payment is 30% and the balance will be financed with a 25 year mortgage at 4.25% and 4 discount points. If the sellers are responsible for the broker’s commission (6% of the purchase price); $1700 in other closing costs; and the existing mortgage with a balance of $30,000; what proceeds will they receive on the sale of the property?
a purchaser makes a 20% down payment on a new home and obtains a loan for the balance. The lender charges two discount points which equals 1000. what was the sale price of the house? I would like a break down on how to obtain the answer
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
7) A businessman wants to buy a truck. The dealer offers to sell the truck for either $120,000 now, or six yearly payments of $25,000. Which of the following is closest to the interest rate being offered by the dealer? A) 5.8% B) 6.8% C) 7.8% D) 9.8%
Suppose that the seller of a home has accepted your offer of $175,900 to purchase the home.Suppose you are going to make a down payment of $11,000 and take out a 30-year mortgagewith a fixed APR of 3.236% to cover the rest of the cost. (a) Calculate the total of your monthly payments (in dollars) over the 30 years. (b) If closing costs consist of 3 points and a fixed cost of $1562, how much will you pay inclosing costs in total?
am. 113.

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