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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When a mortgage loan is obtained, the cash down payment (equity) required at property acquisition is...
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