What proceeds will they receive on the sale of the property

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Reference no: EM13921330

Scott is purchasing a home for $220,000. The down payment is 30% and the balance will be financed with a 15- year mortgage at 8% and 4 discount points. Scott made a deposit of $10,000 when the sales contract was signed. If the sellers are responsible for the broker's commission (6% for the purchase price); $1,250 in other closing costs; and the existing mortgage, with a balance of $55,000; what proceeds will they receive on the sale of the property?

Reference no: EM13921330

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