Expert answer:real estate math with percentages and closing cost

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Answer & Explanation:. A
property was listed for $96,000 with ABC Real Estate Company. The seller agreed
to pay ABC a flat fee of $5,500 at closing if they or any other company
procured a buyer. The seller’s loan balance after the June 1st payment was
$39,360 at an interest rate of 10%. The lender is demanding interest from the
seller through the date of settlement, June 15. The closing is set for June 15.
Taxes for the year are $600.00, and they are paid in arrears and prorated at
closing. The agreed-upon purchase price was $94,000.00. How much will the
seller net from this transaction? Assume the 360-day method for prorating
interest, and the 365-day method for prorating taxes. Also, assume the seller
owns the day of closing.

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