Respuesta :
Answer:
$93,000
Explanation:
Data provided in the question:
selling cost of the property = $350,000
Earnest money paid = $12,000
Percentage of loan obtained = 70%
Now,
The amount of loan obtained = 70% of $350,000
= $245,000
Therefore,
Amount to be paid by self
= selling cost of the property - amount of loan obtained
= $350,000 - $245,000
= $105,000
Thus,
Additional cash the buyer will have to bring to the closing day
= Amount to be paid by self - Earnest money paid
= $105,000 - $12,000
= $93,000
The additional cash to be bough by the buyer on the closing day has been $93,000.
The loan has been obtained on the property with the interest rate of 70%. Th amount that has been bought by interest has been 70% of $350,000. The amount bought has been, [tex]A_{Loan}[/tex]:
[tex]A_{Loan}=350,00\;\times\;\dfrac{70}{100}\\A_{Loan}=245,000[/tex]
The amount for the property paid by loan has been $245,000.
The amount to be paid by self has been obtained by subtracting the selling cost from the loan amount. The self amount has been given by, [tex]A_{Self}[/tex]
[tex]A_{Self}=SP-A_{Loan}\\A_{Self}=350,000-245,000\\A_{Self}=105,000[/tex]
The amount to paid by the buyer has been $105,000.
The amount paid by buyer has been $12,000. The amount to be brought by the buyer on closing day has been, A:
[tex]A=A_{Self}-12,000\\A=105,000-12,000\\A=93,000[/tex]
The additional cash to be bough by the buyer on the closing day has been $93,000.
For more information about the earnest money, refer to the link:
https://brainly.com/question/4538078
