Narrative 14-2
for Problems in This Section, Use Table 14-1 $9 \frac { 3 } { 4 } \%$

question 101

Short Answer

Narrative 14-2
For problems in this section, use Table 14-1 from your text to find monthly mortgage payments.
-Refer to Narrative in your text 14-2. Davis Trucking is purchasing a $265,000 warehouse. The down payment is 20% and the balance will be financed with a 25-year fixed-rate mortgage at $9 \frac { 3 } { 4 } \%$ and $3 \frac { 1 } { 4 }$ discount points. When Davis signed the original sales contract he put down a deposit of $25,000, which will be credited to his down payment. In addition, at the time of closing he must pay the following expenses: $$\begin{array} { l l } \text { Appraisal fee } & \$ 1,845 \\\text { Credit report } & 50 \\\text { Attorney's fees } & 3,200 \\\text { Roof inspection } & 1,275 \\\text { Mortgage insurance premium } & \frac { 3 } { 4 } \% \text { of amount financed } \\\text { Termite inspection } & 400 \\\text { Title search } & 875\end{array}$$
A)How much will be due from Davis at the time of closing?
B)If the sellers are responsible for the broker's $6 \frac { 1 } { 4 } \%$ commission, $2,400 in closing costs, and the existing mortgage with a balance of $85,000, what proceeds will be received on the sale of the property?

• A)How much will be due from Davis at the time of closing?
• B)If the sellers are responsible for the broker's \(6 \frac { 1 } { 4 } \%\) commission, $2,400 in closing costs, and the existing mortgage with a balance of $85,000, what proceeds will be received on the sale of the property?

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