Question

A property is sold for $899,999. The buyer has paid $17,000 as earnest money and is obtaining a 65% loan. Based on the information provided, how much additional cash will the buyer have to bring to the closing day?

Answer 1

Based on the amount that the property has sold for and the loan amount, the additional cash the buyer will bring is $297,999.65.

How much should the buyer bring?

The amount the buy should bring as additional cash is:

= 899,999 - (899,999 x 65%) - 17,000

= 899,999 - 584,999.35 - 17,000

= $297,999.65

In conclusion, the buyer should bring $297,999.65.

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Answer 2

The additional cash the buyer will  bring on closing day is $297,999.65

What is earnest money?

Earnest money is the initial cash payment made by the buyer of a property pending when the final payment would be requested on the closing day.

In this case, the total amount payable by the buyer comprises of the earnest money , 65% of the property price borrowed and finally the additional cash required on closing day.

property price=earnest money+(65%*property price)+additional cash

property price=$899,999

earnest money=$17,000

65%*property price=65%* $899,999

65%*property price=$584,999.35

additional cash=unknown=X

$899,999=$17,000+$584,999.35+X

X=$899,999-$17,000-$584,999.35

X=additional cash= $297,999.65

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