You are selling your house and you think it will sell for $310,000. You talk to a real estate agent who is willing to list your house for $314,900. Her fee is 6%. You currently owe $160,000 on your home.

a. How much will the real estate agents fee be if you get a full price offer?

b. How much will her fee be if you accept an offer for $310,000?

c. After you pay off your existing mortgage: c-1. Assume that you are able to sell your house for the list price of $314,900. How much will you have to cover the down payment, taxes, and fees of your new house?

c-2. Assume that you accept an offer for $310,000. How much money will you have to put toward a down payment, taxes, and fees?

d. If the buyer wants you to pay closing costs of $4,200: d-1. how much money will you have for a down payment on your next house if you get a full price offer of $314,900?

d-2. how much money will you have for a down payment on your next house if you accept an offer for $310,000?

e. You decide not to sell your house but to remodel and put on an addition. What is the equity in your house given a $310,000 appraised value?

f. The bank will let you borrow 80% of the appraised value of your house, which appraises at $310,000. What is the maximum home equity loan you can get?