Lillia and Ryan have signed a contract to purchase a home. The closing date is May 27, and the buyer owns the property on the day of closing. The selling price of the home is $872,500. Lillia and Ryan obtained a fixed-rate mortgage from a bank for $695,000 at 7.25% interest. The seller has already paid $15,078.15 in property taxes for the coming year. How much will Lillia and Ryan owe in prorated expenses?

$9,046.89

$9,737.14

$30,232.95

$65,466.40

Question

Lillia and Ryan have signed a contract to purchase a home. The closing date is May 27, and the buyer owns the property on the day of closing. The selling price of the home is $872,500. Lillia and Ryan obtained a fixed-rate mortgage from a bank for $695,000 at 7.25% interest. The seller has already paid $15,078.15 in property taxes for the coming year. How much will Lillia and Ryan owe in prorated expenses?

$9,046.89

$9,737.14

$30,232.95

$65,466.40