The sale of a Georgia home closes on March 15th. If the sellerowes $45,300 on a mortgage against the home and theinterest rate is 6.5%, what What, if any, is the amount ofaccrued interest paid?Select one:a. $333.66b. $358.04c. $456.35d. $122.69

As we know that the Formula for Simple Interest = (Principle x Rate x Time) / 100 If the…

Answered: The sale of a Georgia home closes on…

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 homeowner took out a 25-year fixed-rate mortgage of $205,000. The mortgage was taken out 7 years ago at a rate of 7.05 percent. If the homeowner refinances, the charges will be $3,350. What is the highest interest rate at which it would be beneficial to refinance the mortgage? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. APR %
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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? elect one: a. $333.66