BACHELOR OF BUSINESS ADMINISTRATION

Previous
Next

BUSINESS ADMINISTRATION

BUSINESS MATHEMATICS

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
A house sold fro $137, 500 and the buyers secured an FHA mortgage. The required down payment was 3% for the first $50, 000 and 5% for the remaining amount. What was the amount of the mortgage?
A
$1, 500
B
$4375
C
$133, 125
D
$131, 625
Explanation: 

Detailed explanation-1: -D Prepaid interest (also known as interim interest) is listed as a debit for the buyer on the settlement statement.

Detailed explanation-2: -The biggest upside to an impound account is forced savings that ensure your property taxes and homeowners insurance premiums are paid on time.

Detailed explanation-3: -The primary purpose of the act is to require that creditors provide information to consumers so they can make informed decisions about the use of credit in real estate transactions.

Detailed explanation-4: -The FREC administers and enforces the real estate license law, Chapter 475, Part I, Florida Statutes. The Commission is also empowered to pass rules that enable it to implement its statutorily authorized duties and responsibilities.

There is 1 question to complete.
Previous
Next