A buyer has made an earnest money deposit of $6,500 on a house selling for $112,500. A lender has agreed to lend 85% of the purchase price at 6% interest for 30 years. If the buyer's closing costs amount to $4,375, how much additional cash must the buyer bring to closing?

Answers

Answer 1

Answer:

$14,750

Explanation:

Since the lender has agreed to lend 85% of the purchase price, the buyer must provide 15% of the purchase price.

Purchase Price = $112,500

Cash Deposit (15%) = 15% of 112,500 =0.15 X 112,500 =$16,875

Amount to be Paid by the buyer

= Cash Deposit + Closing Cost

=$16,875 + $4,375

=$21,250

Since the buyer has made an earnest money deposit of $6,500,

The additional cash which the buyer must bring to closing

=Amount to be Paid by the buyer - Earnest Deposit

=21250 - 6500

=$14,750

Answer 2

Cash is a form of legal cash than can be used to trade commodities or pay debts. The value of assets can be turned into cash quickly is commonly referred to as "cash".

Given Information:-

Deposit money=$6,500Sale price=$112,500Interest rate=6%closing costs=$4,375

Since the lender has agreed to lend 85% of the purchase price, the buyer must provide 15% of the purchase price.

Purchase Price = $112,500

Cash Deposit (15%) = 15% of 112,500 =0.15 X 112,500 =$16,875

Amount to be Paid by the buyer:-

= Cash Deposit + Closing Cost

=$16,875 + $4,375

=$21,250

Since, the buyer has made an earnest money deposit of $6,500,

The additional cash which the buyer must bring to closing

=Amount to be Paid by the buyer - Earnest Deposit

=21250 - 6500

=$14,750

To know more about purchase price, refer to the link:

https://brainly.com/question/1698287


Related Questions

How might Aristotle reply to the claim that individuals should be free to pursue their own conceptions of the good life and that participating in politics is only one life option among many? a) Participating in politics, broadly conceived as the practice of deliberation, is actually the condition for the ability to pursue one’s own conception of the good life. b) One can only achieve the good by receiving the highest honors in the city. c) Although the state should guide people’s life choices, it should not enforce any conception of the good through law. d) One should avoid participating in politics only if it detracts from one’s happiness. e) All of the above.

Answers

Answer:

Correct Answer:

e) All of the above.

Explanation:

Aristotle, as one of the greatest philosopher ever lived wrote discusses on various aspect of life. One of them was his works on good life. According to him, good life is one in which a person cultivates and exercises their rational faculties which could be engaging in scientific inquiry, philosophical discussion, artistic creation, or legislation. This is because,what separate humans from animals is the human reason to rationalize things.

Answer: A

Explanation:

legal principles applicable to execution of a will in kenya

Answers

Answer:

In testate succession, you need to file the following documents • Form P.A 78 (petition) • Form P & A 3 (affidavit) • the original will plus 2 photocopies of the will & • original death certificate. contains the prayers, if one wants to be an executor or administrator.

Explanation:

Side note: there is a PDF form on google that you can look at about this topic also.

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