FinancingCreative_financingHARD
A buyer agrees to purchase a property for $340,000. The buyer will make a down payment of $40,000 and obtain a first mortgage for $200,000. The seller will carry back the remaining balance. What is the seller carryback note amount?
Correct Answer
A) $100,000
Step 1: Seller carryback = Purchase price − Down payment − First mortgage = $340,000 − $40,000 − $200,000 = $100,000.
Answer Options
A
$100,000B
$140,000C
$300,000D
$160,000Why This Is the Correct Answer
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Why the Other Options Are Wrong
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Deep Analysis of This Financing Question
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Background Knowledge for Financing
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Related Topics & Key Terms
Key Terms:
creative_financingseller_financingcarrybackcreative_financing_math
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