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
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