A buyer has agreed to purchase a home for $50,500. The buyer will assume a first mortgage in the amount of $32.200, will deposit $2.200 as earnest money, will deposit $5,600 in cash at cosing, and wl give the sellet a purchase- money mortgage for the balance. What is the amount of the purchase-money mortgage? a)$24,400 b)$18,300 c)$16,100 d)$10,500

Income Tax Fundamentals 2020
38th Edition
ISBN:9780357391129
Author:WHITTENBURG
Publisher:WHITTENBURG
Chapter10: Partnership Taxation
Section: Chapter Questions
Problem 21MCQ
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A buyer has agreed to purchase a home for $50,500. The buyer will assume a first mortgage in the amount of $32.200, will deposit $2.200 as earnest money, will deposit $5,600 in cash at cosing, and wl give the sellet a purchase- money mortgage for the balance. What is the amount of the purchase-money mortgage?

a)$24,400

b)$18,300

c)$16,100

d)$10,500

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