What is the gentleman’s name that taught the Math Review at the April Live Pre-test class? Bob? I had to leave early and don’t know how to answer questions 9 and 10 on the Math Review. They both involve figuring out how much principal is paid in a principal/interest payment on a loan. He gave us his email and cell #, which I can’t locate right now! Can you please give that to me? Thanks!
I just took the online exam for Math A and I am really confused on question #5. I don’t understand why the answer isn’t c. I understand the math to get to the number $200 but I thought that the buyer owes the seller that money because he will start living there the day after closing. Why would the seller owe the buyer that money?
In questions about the proration of rent, the seller will typically owe a balance to the buyer because rent for the month is usually paid at the beginning of the month. When closing happens in the middle of the month, the seller has already received rent for the entire month, they now have to give the buyer the amount of rent money that would cover the time the buyer owns the property.
Not sure what I’m missing here on these two Math questions
# 7 – it says the SEMI-annual rate is $3524 and they want the annual rate on a 52200$ mortgage. Wouldn’t that be 3524*5=7048 then you do 52200/7048= 7.4% (answer c) its telling me the correct answer is d. 13.5% ( even the semi annual percent is 14.8) What am I missing here…?
#10 – $50,000*.095= a payment of $4750 per month= 158.33 per day, wouldn’t that be the interest paid on closing? Maybe I’m misunderstanding something that happens on closing. Thanks!