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Using Excel (no handwritten forms,l ll out the settlement statement form for the transaction described below The various closing costs will be allocated between the

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Using Excel (no handwritten forms,l ll out the settlement statement form for the transaction described below The various closing costs will be allocated between the parties in the customary way unless otherwise noted. Use a 360-day year and 30-day month for your prorations. Round dollar amounts to four decimal places for each step in your calculations. (Digits from 1 through 4 should be rounded down; digits from 5 through 9 should be rounded up.) DO NOT change anything else in the worksheet. DO NOT il in any white cells. The gray cells require formulas, and the yellow cells require numbers provided in the case. The house at 314 Baker Street, in Los Angeles County, sells on January 28 for $575,000. The offer that the seller accepts is accompanied by a $10,000 good faith deposit. The purchase agreement calls for the buyer to make a 10% down payment and obtain an 80%, 30-year conventional loan with an annual interest rate not to exceed 695%. The seller agrees to accept a ve-year straight note secured by a deed of trust for the balance of the purchase price; the interest rate on this seller second will be 8%. The seller will also pay up to $4,000 toward any discount points charged by the buyer's lender. The closing is to take place on March 14. The buyer obtains the necessary loan commitment from Clearwater Bank. The appraised value of the property is $580,000. The terms of the commitment include an 80% loan for 30 years at 694% annual interest, a 1% origination fee, and two discount points. (Remember that the seller has agreed to pay for a portion of the discount points.)

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