Question: Sam Needham bought a house from Sheri Silva for $ 2 3 8 , 3 0 0 . In lieu of a 2 0 %
Sam Needham bought a house from Sheri Silva for
$ In lieu of a down payment, Ms Silva
accepted a down payment at the time of the sale
and a promissory note from Mr Needham for the
remaining due in four years. Mr Needham also
agreed to make monthly interest payments to Ms Silva
at interest until the note expires. Mr Needham
obtained a loan for the remaining of the purchase
price from his bank. The bank in turn paid Ms Silva
the remaining of the purchase price, less a sales
commission of of the sales price paid to the sell
ers' and the buyers' real estate agents.
a Find Mr Needham's down payment.
b Find the amount that Mr Needham borrowed
from his bank.
c Find the amount that Mr Needham borrowed
from the Ms Silva.
d Find Mr Needham's monthly interestonly pay
ment to Ms Silva.
e Find Ms Silva's total income from all aspects of
the down payment including the down payment,
the amount borrowed under the promissory note,
and the monthly payments required by the note
f Find Ms Silvas income from Mr Needlemans bank.
g Find Ms Silvas total income from all aspects of the sale.
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