# Math

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 through 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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1. 1. Cash Adv. = 0.97*25000 + 0.95*(102000-25000) = 24,250 + 73,150 +
0.03*102000 = \$100,460.

2. Purchase price = \$P.
lOAN Amount = \$0.8P.
I = 0.8P*.09*(1/12) = \$265.
0.006P = 265,
P = \$44,166.67 = Purchase price.

3. Selling price = \$X.
Commmission = \$0.07X.

X - 0.07X - 23,400 -512 = \$6500,
0.93X - 23,912 = 6500,
0.93X = 30,412,
X = 32,701.08.

4. Po - 0.025*3Po = \$82,500,
0.925Po = 82,500,
Po = \$89,189.19. = Initial value.

5. C=\$300 + 0.045(G - \$200,000)=\$4725.
300 + 0.045G - 9000 = 4725,
G = \$298,333.33 = Gross income.

6. Po + 0.2Po = \$150,000,
1.2Po = 150,000,
Po = \$125,000. = Original price.

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2. Thanks greatly, Henry. May God bless your soul.

G

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