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anonymous

  • one year ago

can someone please check my work on mortgage?

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  1. anonymous
    • one year ago
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    Okay.

  2. anonymous
    • one year ago
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    Link??

  3. anonymous
    • one year ago
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  4. anonymous
    • one year ago
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    @jim_thompson5910

  5. anonymous
    • one year ago
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    @karatechopper @mathmate @misssunshinexxoxo

  6. jim_thompson5910
    • one year ago
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    first two look good so far

  7. jim_thompson5910
    • one year ago
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    question 3 is incorrect

  8. anonymous
    • one year ago
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    how would i solve that one

  9. jim_thompson5910
    • one year ago
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    what is 1.5% of that mortgage?

  10. anonymous
    • one year ago
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    multiply?

  11. jim_thompson5910
    • one year ago
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    yeah 0.015 with the mortgage amount

  12. jim_thompson5910
    • one year ago
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    1.5% =0.015

  13. anonymous
    • one year ago
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    of what?

  14. jim_thompson5910
    • one year ago
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    the $197,000 mortgage

  15. anonymous
    • one year ago
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    which is 295000

  16. anonymous
    • one year ago
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    2955

  17. jim_thompson5910
    • one year ago
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    add that onto 2000

  18. jim_thompson5910
    • one year ago
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    since it says "A mortgage broker charges $2000 plus 1.5% of the mortgage amount"

  19. anonymous
    • one year ago
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    4955

  20. anonymous
    • one year ago
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    right @jim_thompson5910

  21. jim_thompson5910
    • one year ago
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    yes

  22. anonymous
    • one year ago
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    anything else that was wrong @jim_thompson5910

  23. jim_thompson5910
    • one year ago
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    there are some here you didn't answer

  24. anonymous
    • one year ago
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    which ones

  25. jim_thompson5910
    • one year ago
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    like "A mortgage is in the amount of $600,000. The origination fee is 0.5%, the intangible tax is 0.2%, and there are 1.5 discount points"

  26. jim_thompson5910
    • one year ago
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    and "Sherri attempts to determine the total cost of a $500,000 ARM which starts at 6% by predicting the monthly payments. Her predictions are shown in the table"

  27. anonymous
    • one year ago
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    is that it or is there more

  28. jim_thompson5910
    • one year ago
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    there are more basically where you didn't highlight the answer in yellow

  29. jim_thompson5910
    • one year ago
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    I'll be right back

  30. anonymous
    • one year ago
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    yeah that is my answer the ones i highlighted @jim_thompson5910

  31. anonymous
    • one year ago
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    are you still checking it @jim_thompson5910

  32. anonymous
    • one year ago
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    yes no maybe? @jim_thompson5910

  33. jim_thompson5910
    • one year ago
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    yes I'm still checking

  34. jim_thompson5910
    • one year ago
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    the one with "What is the amount of the balloon payment rounded to the nearest dollar?" is incorrect where you picked $192,063

  35. anonymous
    • one year ago
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    ok how can i fix that

  36. jim_thompson5910
    • one year ago
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    go here http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx

  37. jim_thompson5910
    • one year ago
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    type in the given mortgage amount (200,000) interest rate (7%) time (15 years) then scroll to June 2019

  38. jim_thompson5910
    • one year ago
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    look in the last column

  39. anonymous
    • one year ago
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    165,163.53?

  40. jim_thompson5910
    • one year ago
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    which rounds to 165,164

  41. anonymous
    • one year ago
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    anything else that is wrong?

  42. anonymous
    • one year ago
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    @jim_thompson5910

  43. jim_thompson5910
    • one year ago
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    "Julie is buying a house for $225,000. She obtains a mortgage in the amount of $156,000 at a 4.5% fixed rate. The bank offers a 4.25% interest rate if Julie pays 2.25 points. What is the cost of points for this mortgage rounded to the nearest dollar?" that one is wrong as well

  44. jim_thompson5910
    • one year ago
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    take 1% of the mortgage, then multiply by 2.25

  45. anonymous
    • one year ago
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    1% of 156,000

  46. jim_thompson5910
    • one year ago
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    yeah

  47. anonymous
    • one year ago
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    3510

  48. anonymous
    • one year ago
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    any more?

  49. anonymous
    • one year ago
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    what about the hank and caesar one?

  50. jim_thompson5910
    • one year ago
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    I'm looking at the ones you answered. I'm onto the last one

  51. anonymous
    • one year ago
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    i answered both hank and caesar?

  52. anonymous
    • one year ago
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    ?????

  53. jim_thompson5910
    • one year ago
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    you didn't mark the answer

  54. jim_thompson5910
    • one year ago
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    some of the questions weren't marked

  55. anonymous
    • one year ago
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    can you tell me the ones i didn't mark @jim_thompson5910

  56. jim_thompson5910
    • one year ago
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    the question "What is the break-even point for the loans?" has the correct answer that you marked (10 years)

  57. jim_thompson5910
    • one year ago
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    the other stuff is unmarked, so I'll let you do that part.

  58. anonymous
    • one year ago
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    which questions tell me the beginning of the question

  59. jim_thompson5910
    • one year ago
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    it's in the doc file. There are a lot that weren't marked

  60. anonymous
    • one year ago
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    what do you mean without the highlighter?

  61. jim_thompson5910
    • one year ago
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    yeah

  62. jim_thompson5910
    • one year ago
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    there are no yellow highlights

  63. anonymous
    • one year ago
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    let me highlight them then

  64. anonymous
    • one year ago
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  65. anonymous
    • one year ago
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    i fixed it @jim_thompson5910

  66. jim_thompson5910
    • one year ago
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    ok let me check

  67. jim_thompson5910
    • one year ago
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    this one is incorrect `A mortgage is in the amount of $600,000. The origination fee is 0.5%, the intangible tax is 0.2%, and there are 1.5 discount points. ` `Which of the following is the total cost of the origination fee, the intangible tax, and the discount points?`

  68. anonymous
    • one year ago
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    ok how can i fix it

  69. jim_thompson5910
    • one year ago
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    take 0.5% of the mortgage to get x take 0.2% of the mortgage to get y take 1% of the mortgage, multiply it by 1.5 to get z add x+y+z

  70. anonymous
    • one year ago
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    i got 10200

  71. anonymous
    • one year ago
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    wait wait

  72. anonymous
    • one year ago
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    its 13200

  73. anonymous
    • one year ago
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    right?

  74. jim_thompson5910
    • one year ago
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    yep

  75. jim_thompson5910
    • one year ago
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    `Sherri attempts to determine the total cost of a $500,000 ARM which starts at 6% by predicting the monthly payments. Her predictions are shown in the table. ` is incorrect

  76. jim_thompson5910
    • one year ago
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    I'm not sure how you got that

  77. anonymous
    • one year ago
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    how would i fix it

  78. jim_thompson5910
    • one year ago
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    $2997.75 per month for 5 years $2858.27 per month for 15 years $3093.85 per month for 10 years add up all that

  79. anonymous
    • one year ago
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    multiply each one right?

  80. jim_thompson5910
    • one year ago
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    yeah and keep in mind 12 months = 1 year

  81. anonymous
    • one year ago
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    so multiply the years by 12?

  82. anonymous
    • one year ago
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    and then add the price

  83. anonymous
    • one year ago
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    @jim_thompson5910

  84. jim_thompson5910
    • one year ago
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    yes to convert to months

  85. anonymous
    • one year ago
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    so then for example i multiply 60 * 2997.75 or add the two

  86. jim_thompson5910
    • one year ago
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    yeah do that for the three lines, then add the results

  87. anonymous
    • one year ago
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    so i multiply them

  88. jim_thompson5910
    • one year ago
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    then add, yes

  89. anonymous
    • one year ago
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    i got it. anything else that is wrong?

  90. jim_thompson5910
    • one year ago
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    what answer did you get

  91. anonymous
    • one year ago
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    1065615.6

  92. jim_thompson5910
    • one year ago
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    good

  93. jim_thompson5910
    • one year ago
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    `Jackie obtains a 30-year 4/2 ARM at 5% with a 4/7 cap structure in the amount of $313,500. What is the monthly payment during the initial period?` is wrong

  94. jim_thompson5910
    • one year ago
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    Use the formula \[\Large M = \frac{L*i}{1-(1+i)^{-n}}\] L = 313,500 i = 0.05/12 = 0.00416666666667 n = 30*12 = 360

  95. anonymous
    • one year ago
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    -n?

  96. jim_thompson5910
    • one year ago
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    yeah the exponent is -n

  97. anonymous
    • one year ago
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    i got 1682.94

  98. anonymous
    • one year ago
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    right @jim_thompson5910

  99. jim_thompson5910
    • one year ago
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    i got the same

  100. anonymous
    • one year ago
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    anything else thats wrong?

  101. anonymous
    • one year ago
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    @jim_thompson5910

  102. jim_thompson5910
    • one year ago
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    still checking

  103. jim_thompson5910
    • one year ago
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    why did you pick $192,063 again? we already went over that one

  104. jim_thompson5910
    • one year ago
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    the one with the balloon mortgage

  105. anonymous
    • one year ago
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    yeah we did

  106. jim_thompson5910
    • one year ago
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    so be sure to fix that as well

  107. jim_thompson5910
    • one year ago
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    `Mabel has a 15 year adjustable rate mortgage with a fixed rate for the first 4 years. In the 5th year, the interest rate rises to 5.8%. The remaining balance at the end of the 4th years is $231,975.40. What is the monthly payment in the 5th year?` Use \[\Large M = \frac{L*i}{1-(1+i)^{-n}}\] L = 231,975.40 i = 0.058/12 = 0.004833 n = 11*12 = 132

  108. anonymous
    • one year ago
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    is it 2381.2632443602311616

  109. jim_thompson5910
    • one year ago
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    more like 2381.310317

  110. jim_thompson5910
    • one year ago
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    but close enough

  111. anonymous
    • one year ago
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    what about the question with hank and caesar

  112. jim_thompson5910
    • one year ago
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    the one with hank, where you picked 570,702, is correct

  113. anonymous
    • one year ago
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    ceasar?

  114. anonymous
    • one year ago
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    caesar?

  115. anonymous
    • one year ago
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    that one i know is wrong

  116. jim_thompson5910
    • one year ago
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    not sure yet

  117. jim_thompson5910
    • one year ago
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    they pulled a mean trick on that one

  118. jim_thompson5910
    • one year ago
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    instead of 0.5% the origination fee is 1%

  119. anonymous
    • one year ago
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    so what do i do

  120. jim_thompson5910
    • one year ago
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    but you got the right answer (by randomly guessing? lol) 1.75*0.01*110500+2.0*0.01*110500 = 4,143.75

  121. anonymous
    • one year ago
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    lol yay

  122. anonymous
    • one year ago
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    check bradley

  123. anonymous
    • one year ago
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    and the last three of the questions

  124. jim_thompson5910
    • one year ago
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    the Bradley one is correct

  125. anonymous
    • one year ago
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    the mortgage one?

  126. anonymous
    • one year ago
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    ???

  127. jim_thompson5910
    • one year ago
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    see attached

  128. anonymous
    • one year ago
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    i will solve it check the next 2

  129. anonymous
    • one year ago
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    i got 3,455.20

  130. anonymous
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    what about the last 2

  131. anonymous
    • one year ago
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    @jim_thompson5910

  132. jim_thompson5910
    • one year ago
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    3,455.20 is correct for that one

  133. jim_thompson5910
    • one year ago
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    did you guess on the last 2 as well?

  134. jim_thompson5910
    • one year ago
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    they are correct

  135. anonymous
    • one year ago
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    thank you @jim_thompson5910

  136. anonymous
    • one year ago
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    can you answer one last question for me?

  137. anonymous
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    Why it is necessary to prorate expenses? Explain in complete sentences. @jim_thompson5910

  138. jim_thompson5910
    • one year ago
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    tell me what you think

  139. anonymous
    • one year ago
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    i am not sure @jim_thompson5910

  140. jim_thompson5910
    • one year ago
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    what does prorate mean? any idea?

  141. anonymous
    • one year ago
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    to disribute money evenly

  142. jim_thompson5910
    • one year ago
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    so what do they mean when they say "prorate expenses" ?

  143. jim_thompson5910
    • one year ago
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    you're on the right track

  144. anonymous
    • one year ago
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    to distibute such expenses evenly

  145. jim_thompson5910
    • one year ago
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    so why is it necessary to do that?

  146. anonymous
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    so that the expenses are not being recieved unevenly which could cause discrepsy and issues in a possible bank account

  147. anonymous
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    ???

  148. jim_thompson5910
    • one year ago
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    Let's say that it costs $100 in property tax for a certain month (say June) If person A is selling the house to person B, and the house is fully sold on June 10th, is it fair for person A to pay all of the $100 tax for the full month of June?

  149. anonymous
    • one year ago
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    no bc he he already sold the property

  150. jim_thompson5910
    • one year ago
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    so it's more fair to have person A pay 10/30 = 1/3 of the $100 tax bill and have person B pay 20/30 = 2/3 of the bill

  151. jim_thompson5910
    • one year ago
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    that's one example of prorating expenses

  152. anonymous
    • one year ago
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    so what does this imply like by definition

  153. jim_thompson5910
    • one year ago
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    mortgage insurance is another item that's prorated

  154. jim_thompson5910
    • one year ago
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    like you said: to split up the costs fairly

  155. jim_thompson5910
    • one year ago
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    and the split is based on how long the person has possession of the property

  156. anonymous
    • one year ago
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    oh ok

  157. jim_thompson5910
    • one year ago
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    the split would be 50/50 if person A had the property for the first 15 days, and person B had it for the rest of the 15 days

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