Sunday
April 20, 2014

Homework Help: Math

Posted by Garnett on Wednesday, June 22, 2011 at 5:23pm.

Please forgive me, but I am appealing to you to please solve these 6 problems for me in the most simpler of steps that I can use to practice. Thanks so much. Garnett

1. Purchaser applies for an FHA loan to buy home for $102,000. FHA guarantees 97% of first $25,000 of purchase price and 95% of the balance. Lender charges three points (3%) to be paid at closing. How much cash will be advanced to purchaser?

2. Joe borrows 80% of purchase price of home at 9% interest.What is price of home if first monthly payment of interest is $265?

3. Andy sells home thru broker for 7% commission. Andy nets $6,500 after paying existing mortgage of $23,400 and tax lien of $512.00. What did Andy's house sell for?

4. Property at end of 3 years is valued at $82,500. It depreciated 2.5% during each of 3 years. What was original value?

5. Store is leased with agreement at a monthly rent of $300 plus 4.5% of the gross income over 200,000. Lessee pays total rent of $4,725 for 2008. What was gross amount of Lessee's business for 2008?

6. Mary sells property for $150,000 and realizes a 20% return on investment. How much did she originally pay for property?

Again, thanks so much for your help.

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