Homework Answers
Ans. (1) $288
Calculation = Annual property tax = $1,140
1 February to 1 April = 91 Days
= $1,140 / 360 x 91 = $288
(B) $26,720
Calculation
Purchases price = $160,000
Down Payment 15% = $160,000 * 15% = $24,000
pending amount = $160,000-$24,000 = $136,000
Lender charges 2 point = $136,000 x 2% = $2720
Buyer need up front to make the purchases = Down payment + Lender charges
= $24,000 + $2,720 = $26,720
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