Business, 14.04.2020 18:50 egirl31

When a mortgage loan is obtained, the cash down payment (equity) required at property acquisition is a function of the acquisition price and the net loan proceeds. Given the following information, determine the required equity down payment on the property.

Acquisition price: $1,500,000
face amount of loan: $975,000

Up-front financing costs:

a. 2,494,500
b. $544,500
c. $505,000
d. $525,000

Answers: 2

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