Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman

Exercise 67

Martin Ellingham is negotiating to buy a vacation cottage in Port Wenn. The seller of the cottage is asking $186,000. Martin offered him a cash deal, owner-seller (no broker) only if the seller would reduce the price by 12%. The seller agreed. Martin must pay a 10% down payment upon signing the agreement of sale. At closing, he must pay the balance of the agreed-upon sale price, a $500 attorney's fee, a $68 utility transfer fee, a title search and transfer fee of $35 plus 3 4% of the selling price, and the first six months of the annual insurance of $1,460 per year. How much does Martin owe at closing?