Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed 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 would the water and sewer charges be prorated? Note: Round intermediate calculations to 3 decimal places and your final answers to 2 decimal places

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The ASQ Certified Quality Auditor Handbook

Authors: Lance B Coleman

5th Edition

1951058097, 978-1951058098

More Books

Students also viewed these Accounting questions