Rosie Malone sold her house to D.M. Band. The contract was signed on June 1, 2023, and closing was set for June 25, 2023. Rosie had prepaid her three-year pest and termite protection policy in the amount of $1,825 on April 1, 2022, and D.M. agreed to assume it at closing. Water and sewer are paid the first of each month for the previous month. They are estimated to total $200 for June. D.M. also agrees to assume Rosie's mortgage, which will have a balance of $85,385 on date of closing. Monthly payments are $569.23, with Interest for June of $204.62, payable on the first of the month for the previous month. The seller is responsible for the day of closing. Required: How will the monthly mortgage payment be prorated? Note: Round intermediate calculations to 3 decimal places and your final answers to 2 decimal places. Seller's portion of monthly mortgage payment Buyer's portion of monthly mortgage payment Amounts
Rosie Malone sold her house to D.M. Band. The contract was signed on June 1, 2023, and closing was set for June 25, 2023. Rosie had prepaid her three-year pest and termite protection policy in the amount of $1,825 on April 1, 2022, and D.M. agreed to assume it at closing. Water and sewer are paid the first of each month for the previous month. They are estimated to total $200 for June. D.M. also agrees to assume Rosie's mortgage, which will have a balance of $85,385 on date of closing. Monthly payments are $569.23, with Interest for June of $204.62, payable on the first of the month for the previous month. The seller is responsible for the day of closing. Required: How will the monthly mortgage payment be prorated? Note: Round intermediate calculations to 3 decimal places and your final answers to 2 decimal places. Seller's portion of monthly mortgage payment Buyer's portion of monthly mortgage payment Amounts
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Rosie Malone sold her house to D.M. Band. The contract was signed on June 1, 2023, and closing was set for June 25, 2023. Rosie
had prepaid her three-year pest and termite protection policy in the amount of $1,825 on April 1, 2022, and D.M. agreed to assume it at
closing. Water and sewer are paid the first of each month for the previous month. They are estimated to total $200 for June. D.M. also
agrees to assume Rosie's mortgage, which will have a balance of $85,385 on date of closing. Monthly payments are $569.23, with
interest for June of $204.62, payable on the first of the month for the previous month. The seller is responsible for the day of closing.
Required:
How will the monthly mortgage payment be prorated?
Note: Round intermediate calculations to 3 decimal places and your final answers to 2 decimal places.
Seller's portion of monthly mortgage payment
Buyer's portion of monthly mortgage payment
Amounts
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