Ok, so I have a few Real Estate Finance Math questions I need help with. Not only would I appreciate the answer, but also a broken down explanation of how you came to that conclusion. Thank you in advance!
Here are the questions:
1. Ace Development Corporation purchased the Seamens 200 Acre Farm to develop. If each lot must be 100*175 feet, and 25% of the area will be required for streets, sidewalks, and play areas, how many lots can he sell?
2. An investor who owns a multi-unit apartment complex replaces all carpeting and kitchen appliances at a total expense of $50000. 8 of his units rent for $450.00/month and 20 rent for $550.00/month. How much must he increase each units monthly rent to recover the $50000 in one year?
3. Marlene and Philip Brown listed their home for $150000. They sold it for $145000 with a commission of 6%. They agreed to pay 2 points for the buyer who would be receiving a 95% loan. They would also be required to pay other closing costs of $780.00. What would they receive at the closing?
4. Joe Owens listed a property for $73000 at 7% commission and sold it for $70000. The buyer obtained a 90% loan for 30 years at 9% interest and paid 3 points. His monthly payment was 506.91. What did the buyer pay in points?
Adding on to number 4. What was the commission?
Thank you again! I really appreciate this!
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