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Final Exam Math Question and answers already passed 2024/2025
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  • 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...

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  • October 15, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
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  • MATH 172
  • MATH 172

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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

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