Question

A property had a list price of $164,000, an actual sale price of $158,000 and a $124,000 loan. If the transfer fee was $3 per $1,000, what was the fee?

Answer 1

Answer:

The fee was $474.

Step-by-step explanation:

Given:

A property had a list price of $164,000, an actual sale price of $158,000 and a $124,000 loan.

If the transfer fee was $3 per $1,000.

Now, to find the fee.

The list price of the property = $164,000.

The sale price of the property = $158,000.

And the amount of loan = $124,000.

As, the transfer fee is based on the sale price of the property.

The transfer fee was $3 per $1,000.

So, let transfer fee be $x$ for $158,000.

If, 3 is equivalent to $1000.$

Then, $x$ is equivalent to 158,000.

Now, to get the fee by using cross multiplication method:

$\frac{3}{1000} =\frac{x}{158000}$

By cross multiplying we get:

$474000=1000x$

Dividing both sides by 1000 we get:

$474=x$

$x=\ 474.$

The transfer fee = $474.

Therefore, the fee was $474.