A house is sold for $195,000. The mortgage is $168,745.60 at 8%. Annual taxes are $3,893.25. The
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A house is sold for $195,000. The mortgage is $168,745.60 at 8%. Annual taxes are $3,893.25. The closing will occur on June 15. What are the total prorations for interest (for the full month) and for property taxes to the nearest $100? Will the prorations be added to, or subtracted from, the seller's equity?
Expert Answer:
To calculate the prorations for interest and property taxes we need to determine the portion of the ... View the full answer
Related Book For 
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
