The Bourassas decide to sell a home for $410,000. They are charged a real estate commission of 7% of the selling price, title insurance that is 1.6% of the selling price, and an escrow fee of $775. (a) What amount (in dollars) do the Bourassas receive after fees? $? (b) What percentage of the selling price was fees? Round to the nearest tenth of a percent. %?
The Bourassas decide to sell a home for $410,000. They are charged a real estate commission of 7% of the selling price, title insurance that is 1.6% of the selling price, and an escrow fee of $775. (a) What amount (in dollars) do the Bourassas receive after fees? $? (b) What percentage of the selling price was fees? Round to the nearest tenth of a percent. %?
Chapter3: Income Sources
Section: Chapter Questions
Problem 35P
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A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
Question
The Bourassas decide to sell a home for $410,000. They are charged a real estate commission of 7% of the selling price, title insurance that is 1.6% of the selling price, and an escrow fee of $775.
(a) What amount (in dollars) do the Bourassas receive after fees?
$?
(b) What percentage of the selling price was fees? Round to the nearest tenth of a percent.
%?
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