Kean University Special Economics Questions

Question Description

I’m working on a economics multi-part question and need an explanation and answer to help me learn.

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1.
“Ace” paid the annual tax of $516.
for’ his house on .Januar y ” 196y,
On July 15, 1969 he sold his house to “Flop”. How much would the tax
credit be ?nd who would receive it?
2.
The sales p r Lc e of a house is $29,000.
The F.H.A. will insure 61%
of the first $22,000.
and 58}% of the balance.
How much ~f the
sales price is in3urable?
3.
Sa Le srnan
Scott. s o l.d H. hous e for $22,400.
The gross commission was
p r Lv e ,
The listing agent received 12% or the gr-o ss
commission and sal~~man Scott received 45% of the net commission.
How much 1-I3S Scott’s c o.nm ls s Lon ?
6~% of the sale
4.
3alesman Sc..ott re c e Lv e d $1 ,2it8.3S
f’~I’ a e Ll.Lng a property,
If the cr’oss
com m i s s ion n s 6 ~% 0 f the sa] ~ p rice, the 1 is tin g sa 1 e s m,1n !’t-~c e i v e d
12% oC the gross cc~~~ssion
ard ~cnlt received 45% of the b21~nc~
how much did the p r-oper t y sell COI’?
5.
Broker’ A leased a pr-o pe r t y for’ 20 y ea rs at an annual ·(‘nt2.1~)f’ ~:d,:()O.
He was to r c ce Lv e a cornm Ls s Lon of 5’X. for the I’Lr s t year’, ;,:~l-;”
ne x t
year, 1~% the n e x t 10 years and l~b f’or- the remaining
y ea rs, ~::’l:lt
would his total commission
be?

A h 0 u ~ e: sol d f o r’ $ 7 5 , 0 O d. ~!l d the s e 11 era g re e
Purchase answer to see full
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Tags:
Economy

sales price

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