Answer:
The fee was <u>$474</u>.
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.
<u><em>As, the transfer fee is based on the sale price of the property.</em></u>
The transfer fee was $3 per $1,000.
So, let transfer fee be for $158,000.
If, 3 is equivalent to
Then, is equivalent to 158,000.
Now, to get the fee by using cross multiplication method:
<em>By cross multiplying we get:</em>
<em>Dividing both sides by 1000 we get:</em>
<em>The transfer fee = $474.</em>
Therefore, the fee was $474.