Settlement Problem #1B - Purchase Price: $350,000; Earnest Money: $5,000; Brokerage Fee: 6% with 60 to listing brokerage/40 to selling brokerage; Real Estate Taxes not paid: $3,800; Escrow Fees: $200 split between buyer and seller; Title Insurance (Owner and lenders): $1,632 split between buyer and seller; Recording Buyer documents: $110; Record Satisfaction for Seller: 36; Terms of Sale: Buyer will obtain a new 6.75% loan for 90% of the purchase price; pro-rated interest on the buyer’s new loan and additional loan fees of $500 will be paid in cash at closing by the buyer. The current loan balance of $222,000 including interest will be paid in full by the seller. Seller will also pay the documentary stamp taxes on the deed. Buyer will pay the intangible taxes and documentary stamps on the note. Closing is October 15th. Prorations should be made using a 365 day year. The day of closing belongs to the borrower. Answer the following questions based on the information given above. What is the amount collected at closing for the buyer’s pro-rated interest expense? $1100.34 $990.31 $873.75 $580.25