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Concept explainers
You are a real estate broker for Aurora Realty. One of your clients. Erica Heston, has agreed to purchase one of the homes your office has listed for sale for a negotiated price of $235,000. The down payment is
Appraisal fee | $215 |
Credit report | $65 |
Roof inspection | $50 |
Mongage insurance premium | of amount financed |
Title search | $125 |
Attorney's fees | $680 |
Escrow fee | $210 |
Prepaid interest | $630 |
As Erica’s real estate broker, she has asked you the following questions:
What is the total monthly PITI of the mortgage loan?
What is the total amount of interest that will be paid on the loan?
How much is due from Erica at the time of the closing?
If your real estate office is entitled to a commission from the seller of
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Chapter 14 Solutions
Contemporary Mathematics for Business & Consumers
- Find the monthly payment for the 30-year option.arrow_forwardSuppose that you decide to purchase a home and you secure a 30-year, $260,000 loan at an annual interest rate of 6.5%.If points are 1.5% of the loan amount, find the fee for points. Then add the fee for points to the loan amount. This is the modified mortgage on which the APR is calculated. The sum of the fee for points and the loan amount isarrow_forwardCalculate the total cost of interest for both mortgage options. How much does the buyers have an interest with the 15- ear option?arrow_forward
- The minimum monthly paymentfor Brian's credit card is 3.5% ofhis balance or $25, whichever ishigher. If Brian's balance at theend of his last billing cycle was$722, what is his minimummonthly payment?arrow_forwardKari is purchasing a home for $260,000. The down payment is 25% and the balance will be financed with a 15 year mortgage at 8% and 3 discount points. Kari made a deposit of $30,000 (applied to the down payment) when the sales contract was signed. Kari also has these expenses: credit report, $70; appraisal fee, $120; title insurance premium, 1% of amount financed; title search, $200; and attorney's fees, $500. Find the closing costs (in $). $arrow_forward
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