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 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 $45,000, what proceeds will be received on the sale of the property? Sale price = Less: Closing costs = Broker fees = First mortgage = Seller's proceeds =
50. A buyer will settle on a property on October 15. The buyar is assuning the seller's mortgage at the rate. The seller has paid the October 1 payment, and the interest is paid in arrears. The balance ($ 310,000). What proration is necessary? A. ($ 710.42) to the seller B. ($710.42) to the buyer C. ($ 1,420.83 ) to the seller D. ($1,420.83 ) to the buyer Questions 51-59 are related to content from Section 8 of the Student Manual, "Vaication of textbook readings (Chapters 15 & 16). 51. Which of the following is NOT an example of functional obsolescence? A. a master bedroom with a tiny closet B. a toxic soil condition in the back yard C. a fifteen year old roof D. a five bedroom home with one bath 52. Which of the following is NOT considered by an appraiser? A. property rights B. the local economy C. the future appreciation potential of the property D. the purpose of the appraisal 53. Weighting is most characteristic of which approach to value? A. Cost B. Market data C. Capitalization…
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%
The sale of a Georgia home closes on March 15th. If the seller owes $45,300 on a mortgage against the home and the interest rate is 6.5%, what What, if any, is the amount of accrued interest paid? Select one: a. $333.66 b. $358.04 c. $456.35 d. $122.69
am. 113.
A 4. A borrower purchases a property for $200,000 and pays 20% of tye sale price as a down payment. The owner provides a purchase money mortgage at 6% per annum, interest-only monthly payments with a ballon payment in 60 months. In the 40th month, the borrower is approached to sell the property for $240,000. How much equity does the borrower have and what will his sale proceeds be (without any other closing costs?
A house is selling for $180,000 and the seller owes $140,000. The borrower is short $40,000 for the down payment, but the seller is willing to carry back $20,000 of the $40,000 equity as a second mortgage as long as the buyer agrees to pay $20,000 cash. This type of financing by the seller is called subprime financing. b.junior financing. c.high-cost financing. d.senior financing.
Use picture to find formula. Confused on how to solve.
You have just sold your first house for$350,000as a listing agent (represents seller). The listing agreement specified a5%commission and that the selling agent (represents buyer) will receive 40%of that commission. Your agreement with your broker specified that you will split your commission 50%/50%with the broker. What was your final commission on this deal? a)$5,250 b)$7.000 c)None of these are correct d)$10,500 e)$3,500
E2

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