A house is selling for $180,000. A deposit of $10,000 was made when the sales contract was signed. The down payment is 25% and the balance will be financed with a 25-year mortgage at 8% and 3 discount points. If the sellers are responsible for the broker's commission (5% of the purchase price); $1,950 in other closing costs; and the existing mortgage with a balance of $50,000; what proceeds will they receive on the sale of the property? O s113,650.00 O s119,050.00 O s122,650.00 O s128,550.00

A house is selling for $180,000. A deposit of $10,000 was made when the sales contract was signed. The down payment is 25% and the balance will be financed with a 25-year mortgage at 8% and 3 discount points. If the sellers are responsible for the broker's commission (5% of the purchase price); $1,950 in other closing costs; and the existing mortgage with a balance of $50,000; what proceeds will they receive on the sale of the property? O s113,650.00 O s119,050.00 O s122,650.00 O s128,550.00

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 16P

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