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Linda and Ralph have signed a contract to purchase a home. The closing date is April 27, and the buyer owns the property on the day of closing The selling price of the

home is $782,500. Linda and Ralph obtained a fixed-rate mortgage from a bank for $685,000 at 7 35% interest. The seller has already paid $14,578.15 in property taxes

for the coming year. How much will Linda and Ralph owe in prorated expenses? (3 points)

Respuesta :

Answer:

$147,848.5

Step-by-step explanation:

Fixed rate =7.35%

Mortgage Loan= $685,000

Selling price=$782,000

Property tax paid= $14,578.15

Therefore,

Prorated Amount Owed= Outstanding balance on the house + Interest paid on the loan for the year

Prorated Amount Owed=(782500-685000)+7.35% of 685000

=97500+50347.5

=$147,847.5

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