Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A house is selling for $190,000. A deposit of $10,000 was made when the sales contract was signed. The down payment is 25% and the
A house is selling for $190,000. A deposit of $10,000 was made when the sales contract was signed. The down payment is 25% and the balance will be financed with a 25-year mortgage at 9% and 3 discount points. If the sellers are responsible for the broker's commission (6% of the purchase price); $1,250 in other closing costs; and the existing mortgage, with a balance of $70,000; what proceeds will they receive on the sale of the property?
Step by Step Solution
★★★★★
3.43 Rating (150 Votes )
There are 3 Steps involved in it
Step: 1
Sale price of the house 190000 Deposit to be made when the sales contract is signed 10000 ...
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started