Question

Refer to narrative 14-1. a house is selling for $150,000. a deposit of $20,000 was made when the sales contract was signed. the down payment is 30% and the balance will be financed with a 25-year mortgage at 11% and 4 discount points. if the sellers are responsible for the broker's commission (6% of the purchase price); $1,300 in other closing costs; and the existing mortgage, with a balance of $40,000; what proceeds will they receive on the sale of the property?

Answer 1

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