Morey purchased a house for $150,000, paying $15,000 in cash and giving a mortgage to BigBank for the balance. When Morey defaul
1 answer:
Morey is liable to pay the balance mortgage money to BigBank.,
Explanation:
Mortgage value = $150,000 - $15,000 ( advance paid by Morey)
= $135,000
Defaulted on the loan, BigBank foreclosed and sold the house for $25,000 less than Morey owed. so the amount received by the bank
(sales value of the house)
Balance on loan outstanding = $135,000 - $125,000 = $10,000
=
So, Morey is liable to pay $10,000 for the balance mortgage money to BigBank.
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The question is incomplete. The complete question is :
The Jackson family is undecided about whether or not to buy a new car. If the probability is .9 that they will buy one, and if the probability is .3 that they will buy a Ford, and if the probability is .4 that they will purchase a car getting more than 20 miles per gallon, what is the probability that they will buy either a car getting more than 20 miles per gallon or a Ford, if all Fords get more than 20 miles per gallon?
Solution :
Given that :
The probability of buying a new car,
Probability of buying Ford = 0.3
That is, if Jackson family buy a car that is a ford car,
= 0.27
The probability for getting more than 20 miles per gallon = 0.4
That is if Jackson family buy a car that have more than 20 miles per gallon mileage,
The conditions
All of the car have more than 20 miles per gallon mileage.
It means that buying a ford car is subset of getting more than 20 miles per gallon.
Therefore, the probability of buying a car either getting more than 20 miles per gallon or ford =
Therefore,
= 0.36
Thus the probability that Jackson family is buying a car either getting more than 20 miles per gallon or ford is 0.36