Use the following data and attached worksheet to answer the following questions: Closing Date (day belongs to the Seller): September 1 (day 244 of the year) Selling Price: $262,500 Earnest Money: $3,600 Buyer's loan Amount: $236,250 (90% LTV; 30-year term; 5% annual interest) Points (Buyer pays): 2 points (a point is 1% of the loan amount) Monthly payment on Buyer's new loan: $1,268.24 (includes first month interest of $984.37). Prepaid interest will cover September 2- Septembe. "00 The Lender is requiring Buyer to put into Escrow one-half of next year's expected property insurance and taxes. Existing property insurance: $700 (paid by Seller for the entire year). Expected property insurance for the next year: $700. Current year Property Tax: $3,300 (will be billed to Buyer next year). Broker's Commission (Seller pays): 6% Lender's Title Insurance (Buyer pays): $250 Escrow Fee (Buyer and Seller will share equally): $500 Recording Fee (Buyer pays): $25 Transfer Tax (Seller pays): $481 7) How much will the Seller receive at Closing? a. $238,751 b. $239,099 C. $246,750 d. $244,045 8) How much will Buyer have to pay at Closing? a. $24,500 b. $25,591 C. $27,650 d. $28,878 Use the following data and attached worksheet to answer the following questions: Closing Date (day belongs to the Seller): September 1 (day 244 of the year) Selling Price: $262,500 Earnest Money: $3,600 Buyer's loan Amount: $236,250 (90% LTV; 30-year term; 5% annual interest) Points (Buyer pays): 2 points (a point is 1% of the loan amount) Monthly payment on Buyer's new loan: $1,268.24 (includes first month interest of $984.37). Prepaid interest will cover September 2- Septembe. "00 The Lender is requiring Buyer to put into Escrow one-half of next year's expected property insurance and taxes. Existing property insurance: $700 (paid by Seller for the entire year). Expected property insurance for the next year: $700. Current year Property Tax: $3,300 (will be billed to Buyer next year). Broker's Commission (Seller pays): 6% Lender's Title Insurance (Buyer pays): $250 Escrow Fee (Buyer and Seller will share equally): $500 Recording Fee (Buyer pays): $25 Transfer Tax (Seller pays): $481 7) How much will the Seller receive at Closing? a. $238,751 b. $239,099 C. $246,750 d. $244,045 8) How much will Buyer have to pay at Closing? a. $24,500 b. $25,591 C. $27,650 d. $28,878