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Roxy | Mr Jones bought a house in 2001 for 150,000 75% borrowed. How much profit made if sold on for 285,000? |
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 |
 
BobC
 |
Without knowing the repayment details, interest rates being charged, amount of mortgage outstanding and early repayment terms and conditions etc it will be impossible to answer this question |
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tma
 |
profit = 22,500
he had to pay back 75% of 150,000, or $112,500
285,000-150,000=135,000
135,000-112,500=22,500 |
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davidmaz
|
Need more information, is there a prepayment penalty? Where was the 37500 before he put it in the house, what was the interest rate, what were the closing costs of the mortgage, what is the interest reate of the mortage, how much were the taxes and maintainence of the house? electic and gas bills? There is know way to answer that without some more information |
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askar z
|
150-37.5=112.5 (repayment to a bank)
285-112.5=172.5 (general profit)
172.5 minus: stamp duty at 1% on 150=1,500
agents fees at 2 % of sold proerty=5,700
solicitors fees=app.3,000
so the profit is 172.5-10.2=162.3 |
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TJ
|
return on the property is 285,000-150,000 = 135,000. The bank repayment must be deducted from this to get the profit. Assuming he does not repay anything until he sells up this would be the 112,500 he borrowed multiplied by (1+r) to the power of t with r being the rate of interest as a decimal and t being the loan period in years. This asumes he is charged interest on unpaid interest at the end of each year.
For any profit made over a period of time you should really take into account the effects of inflation (as you can earn the rate of interest by simply putting money in a bank) but as you can live in a house or rent it if not living in it things are a bit more complex for working out profit in real terms on housing. |
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Abhi
|
135000-(112500*x%*y) where x = rate of interest & y = period multiplicator for rate of interest |
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Mr T
 |
135'000 of course
and that's right .... 75% borrowe on what terms, he mighthave paid that off in 5 years, it's only a small sum .... seriously, the PROFIT is what he sold it for minus what he bought it for |
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fluppenhupp
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135K |
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Tilly
|
172,500 assuming he's paid nothing back yet.
As 75% of 150,000 = 150,000100 = 1500
1500 x 25 = 37,500
and
285,000-150,000 = 135,000
135,000 + 37,500 = 172,500 |
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