The Gooseberry family purchase a $257,000 house and must sell their old home in order to make a 20 percent down payment plus closing costs of $6,000 on the new house.They have $20,000 in savings to use for any necessary payments. They have been pre-approved by the lender to qualify for a $225,000 mortgage in the new home. Thelender offers a bridge loan at 10.3% percent simple interest. The closing date on the new house is March 1, and the family sell their old home on June 25. What is the dollaramount of interest paid on the bridge loan? Hint: First figure out how much must they borrow. Use 365 days in a year.$1,234.81$1,149.74$1,070.12$1,148.84$1,219.62

A bridge loan is a short-term financing option used as interim financing until a person or company…

The Gooseberry family purchase a $257,000 house and must sell their old home in order to make a 20 percent down payment plus closing costs of $6,000 on the new house. They have $20,000 in savings to use for any necessary payments. They have been pre-approved by the lender to qualify for a $225,000 mortgage in the new home. The ender offers a bridge loan at 10.3% percent simple interest. The closing date on the new house is March 1, and the family sell their old home on June 25. What is the dollar amount of interest paid on the bridge loan? Hint: First figure out how much must they borrow. Use 365 days in a year. $1,234.81 $1,149.74 $1,070.12 $1,148.84 $1,219.62

The Gooseberry family purchase a $257,000 house and must sell their old home in order to make a 20 percent down payment plus closing costs of $6,000 on the new house. They have $20,000 in savings to use for any necessary payments. They have been pre-approved by the lender to qualify for a $225,000 mortgage in the new home. The ender offers a bridge loan at 10.3% percent simple interest. The closing date on the new house is March 1, and the family sell their old home on June 25. What is the dollar amount of interest paid on the bridge loan? Hint: First figure out how much must they borrow. Use 365 days in a year. $1,234.81 $1,149.74 $1,070.12 $1,148.84 $1,219.62

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter8: Taxation Of Individuals

Section: Chapter Questions

Problem 38P

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