Question

Lucia and Randy have signed a contract to purchase a home. The closing date is March 27, and the buyer owns the property on the day of closing. The selling price of the home is $852,500. Lucia and Randy obtained a fixed-rate mortgage from a bank for $665,000 at 7.55% interest. The seller has already paid $15,378.15 in property taxes for the coming year. How much will Lucia and Randy owe in prorated expenses?

Answer 1

$11,796.40
$65,585.65
$38,514.00
$12,484.15