Scott is purchasing a home for $260,000. The down payment is 20% and the balance...
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Scott is purchasing a home for $260,000. The down payment is 20% and the balance will be financed with a 15-year mortgage at 6% and 2 discount points. Scott made a deposit of $10,250 when the sales contract was signed. If the sellers are responsible for the broker's commission (6% for the purchase price); $1,375 in other closing costs; and the existing mortgage, with a balance of $52,500; what proceeds will they receive on the sale of the property
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