Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Rosie Malone sold her house to D . M . Band. The contract was signed on June 1 , 2 0 2 3 , and
Rosie Malone sold her house to DM Band. The contract was signed on June and closing was set for June Rosie had prepaid her threeyear pest and termite protection policy in the amount of $ on April and DM 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 $ for June. DM also agrees to assume Rosies mortgage, which will have a balance of $ on date of closing. Monthly payments are $ with interest for June of $ 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 decimal places and your final answers to decimal places.Rosie Malone sold her house to DM Band. The contract was signed on June
and closing was set for June Rosie had prepaid her threeyear
pest and termite protection policy in the amount of $ on April and
DM 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 $ for June. DM
also agrees to assume Rosie's mortgage, which will have a balance of $
on date of closing. Monthly payments are $ with interest for June of
$ 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 decimal places and your final
answers to decimal places.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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