The sale of a Georgia home closes on March 15th. If the sellerowes $45,300 on a mortgage against the home and theinterest rate is 6.5%, what What, if any, is the amount ofaccrued interest paid?Select one:a. $333.66b. $358.04c. $456.35d. $122.69

As we know that the Formula for Simple Interest = (Principle x Rate x Time) / 100 If the…

Answered: The sale of a Georgia home closes on…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

See similar textbooks

Similar questions

50. A buyer will settle on a property on October 15. The buyar is assuning the seller's mortgage at the rate. The seller has paid the October 1 payment, and the interest is paid in arrears. The balance ($ 310,000). What proration is necessary? A. ($ 710.42) to the seller B. ($710.42) to the buyer C. ($ 1,420.83 ) to the seller D. ($1,420.83 ) to the buyer Questions 51-59 are related to content from Section 8 of the Student Manual, "Vaication of textbook readings (Chapters 15 & 16). 51. Which of the following is NOT an example of functional obsolescence? A. a master bedroom with a tiny closet B. a toxic soil condition in the back yard C. a fifteen year old roof D. a five bedroom home with one bath 52. Which of the following is NOT considered by an appraiser? A. property rights B. the local economy C. the future appreciation potential of the property D. the purpose of the appraisal 53. Weighting is most characteristic of which approach to value? A. Cost B. Market data C. Capitalization…
An investor buys a property for $670,000 with a 25-year mortgage and monthly payments at 8.8% APR. After 18 months the investor resells the property for $737,137. How much cash will the investor have made from the sale, once the mortgage is paid off? OA. $110,571 OB. $157,958 OC. $78,979 OD. $63,183
The company purchased the equipment 600,000. The interest rate of bank is 12,400. The loan is denominated in OMR, matures on March 31 2019. The spot rate of OMR 2.50. What is the value of interest expenses?Select one:a. OMR 12,400b. OMR 1,500,000c. OMR 31,000d. None of the other points
An investor buys a property for $683,000 with a 25-year mortgage and monthly payments at 7.3% APR. After 18 months the investor resells the property for $747,888. How much cash will the investor have made from the sale, once the mortgage is paid off? O A. $160,262 B. $80,131 C. $112,183 D. $64,105
The company purchased the equipment 600,000. The interest rate of bank is 12,400. The loan is denominated in OMR, matures on March 31 2019. The spot rate of OMR 2.50. What is the value of interest expenses? Select one: a. None of the other points b. OMR 12,400 c. OMR 1,500,000 d. OMR 31,000
A buyer has a 30 year 7.5% loan for 90% of the appraised value on property that appraised for $140,000 , but also sold $150,000. what is the interest portion of the first payment?? a.$787.50 b.$843.75 c$875.00 d.$1,068.75
Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage applications. (Round your answers to two decimal places.) Applicant MonthlyGrossIncome MonthlyPITIExpense Other MonthlyFinancialObligations HousingExpenseRatio (%) TotalObligationsRatio (%) Martin $3,700 $605 $640 % %
Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage applications. (Round your answers to two decimal places.) Monthly Other Monthly Housing Expense Ratio (%) Monthly Total Applicant Financial Obligations Ratio (%) Gross PITI Income Expense Obligations Martin $3,700 $605 $620 % Need Help? Read It I (1 Deintel DDECM ncO 14 IL015 MI ACK V oUD TO ACUED DDACTICE ANOTLUED DETALLC MY NOTES
A buyer is applying for a mortgage loan of $70,000, with an annual interest rate of 12% and blended monthly payments of $722.32 including both principal and interest. The taxes on the property being mortgaged are $1900 per annum. The buyer has a gross income of $41,400 per annum. The buyer's debt service ratio is: a.20.94% b.15.10% c.25.53% d.25.78%
Assume an elderly couple owns a $400,000 home that is free and clear of mortgage debt. A reverse annuity mortgage (RAM) lender has agreed to a $300,000 RAM. The loan term is 15 years, the contract is 5.25%, and payments will be made at the end of each month. What portion of the loan balance at the end of year 15 represents interest (rounded to thousands)? Excel a) $95,000 Ob) $102,000 c) $174,000 d) $198,000 e) $205,000
A mortgage applicant who has a monthly gross income of $4,700.00 applies for a mortgage with monthly PITI of $1,692.00. The applicant's other financial obligations total $291.40 per month. If the lending ratio guidelines are as given in the table below, what type of mortgage, if any, would the applicant qualify for? Mortgage Type Housing Expense Ratio Total Obligations Ratio FHA 29% 41% Conventional 28% 36% FHA only O Conventional only O FHA and Conventional O None of the above
A seller has a $200,000 mortgage and closing cost of $10,000. The seller will also pay a 5% commission to a licensee. What minimum listing price will net the seller $125,000? $335,000 342,105 351,250 352,632

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

The sale of a Georgia home closes on March 15th. If the seller owes $45,300 on a mortgage against the home and the interest rate is 6.5%, what What, if any, is the amount of accrued interest paid? elect one: a. $333.66