Chapter 14.I, Problem 4TIE

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

Jonathan Monahan is purchasing a townhouse for $120,000. The down payment is

a. Calculate the amount due from Jonathan at the closing.

b. If the seller is responsible for the broker’s commission, which is

**(a)**

To determine

**To calculate:** The amount equal to be obtained from J, To calculate the proceeeds of the seller receives at the end of the sale.

Explanation

**Given Information:**

The Principal amount is $120, 000, the down payment is 20 Years, the duration in which the balance amount is going to be financed 15 Years, Interest rate during this period is 9 %, Initial deposit paid by J is $100, 000, he needs to pay loan application fee $ 100, property transfer fee $190, Title insurance premium, the quantum financed, hazard insurance premium$ 420, Prepaid taxes to the amount of $310 and attorney’s fee of $500.

**Calculation:**

Steps Involved:

The down payment can be calculated by using the formula s given below:

The amount financed can be calculated by use of formula

**(b)**

To determine

**To calculate:** The amount equal to be obtained from J, the proceeeds of the seller receives at the end of the sale and the Principal amount is $120, 000, the down payment is 20 Years, the duration in which the balance amount is going to be financed 15 Years, Interest rate during this period is 9 %, Initial deposit paid by J is $100, 000, he needs to pay loan application fee $ 100, property transfer fee $190.

Sect-14.I P-1TIESect-14.I P-2TIESect-14.I P-3TIESect-14.I P-4TIESect-14.I P-5TIESect-14.I P-1RESect-14.I P-2RESect-14.I P-3RESect-14.I P-4RESect-14.I P-5RE

Sect-14.I P-6RESect-14.I P-7RESect-14.I P-8RESect-14.I P-9RESect-14.I P-10RESect-14.I P-11RESect-14.I P-12RESect-14.I P-13RESect-14.I P-14RESect-14.I P-15RESect-14.I P-16RESect-14.I P-17RESect-14.I P-18RESect-14.I P-19RESect-14.I P-20RESect-14.I P-21RESect-14.I P-22RESect-14.II P-6TIESect-14.II P-7TIESect-14.II P-1RESect-14.II P-2RESect-14.II P-3RESect-14.II P-4RESect-14.II P-5RESect-14.II P-6RESect-14.II P-7RESect-14.II P-8RESect-14.II P-9RESect-14.II P-10RESect-14.II P-11RESect-14.II P-12RESect-14.II P-13RESect-14.II P-14RESect-14.II P-15RESect-14.II P-16RESect-14.II P-17RESect-14.II P-18RESect-14.II P-19RESect-14.II P-20RESect-14.II P-21RESect-14.II P-22RECh-14 P-1CRCh-14 P-2CRCh-14 P-3CRCh-14 P-4CRCh-14 P-5CRCh-14 P-6CRCh-14 P-7CRCh-14 P-8CRCh-14 P-9CRCh-14 P-10CRCh-14 P-11CRCh-14 P-12CRCh-14 P-13CRCh-14 P-14CRCh-14 P-1ATCh-14 P-2ATCh-14 P-3ATCh-14 P-4ATCh-14 P-5ATCh-14 P-6ATCh-14 P-7ATCh-14 P-8ATCh-14 P-9ATCh-14 P-10ATCh-14 P-11ATCh-14 P-12ATCh-14 P-13ATCh-14 P-14ATCh-14 P-15ATCh-14 P-16ATCh-14 P-17ATCh-14 P-18ATCh-14 P-19ATCh-14 P-20ATCh-14 P-21ATCh-14 P-22AT

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