100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Final Exam Math Question and answers already passed 2024/2025 $13.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. MATH 172
  4.  
  5. MATH 172

Exam (elaborations)

Final Exam Math Question and answers already passed 2024/2025
 0 view  0 purchase
  • Course
  • MATH 172
  • Institution
  • MATH 172

Final Exam Math Question and answers already passed 2024/2025 Final Exam Math A buyer is purchasing a $107,000 home with an 80% loan. The lender is charging two and one-half discount points. The loan discount expense will total A) $1,980. B) $2,575. C) $2,675. D) $2,140. - cor...

[Show more]

Preview 2 out of 13  pages

Document information

  • October 15, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

  • MATH 172
  • MATH 172

Seller

avatar-seller
Academia199

Reviews received

Content preview

Final Exam Math
A buyer is purchasing a $107,000 home with an 80% loan. The lender is
charging two and one-half discount points. The loan discount expense will
total


A)
$1,980.


B)
$2,575.


C)
$2,675.


D)
$2,140. - correct answer ✔D)
$2,140.


$107,000 sales price × 0.80 (80%) = $85,600 loan × 0.025 = $2,140 points


A seller wants to net $72,000 on the sale of his home. He has agreed to pay a
brokerage commission of 6%. What is the minimum sales price that will
ensure that the seller will net his $72,000?


A)
$76,320

, B)
$76,596


C)
$77,890


D)
$75,935 - correct answer ✔B)
$76,596


Seller net of $72,000 ÷ 0.94 (100% - 6%) = $76,595.744 rounded to $76,596


Use a 30-day month/360-day year for calculations.
The principal balance on a loan is $98,763 and the monthly debt service
payment is $584.00. The interest rate on the loan is 5.75%. What is the
balance of the principal after the next monthly payment has been made?


A)
$98,729.42


B)
$98,179.00


C)
$98,289.76

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Academia199. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $13.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

79835 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$13.99
  • (0)
  Add to cart