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Adrian Barona
Adrian Barona asked in Business & FinanceRenting & Real Estate · 9 years ago

florida real estate math?

A 3-year insurance policy costing $1,164 is taken out November 1, 1995. The property was sold on May 15, 1996, and the day of closing belongs to the buyer. If the buyer assumes the policy, what the should the buyer pay the seller at closing, using the 30-day month method?

a. $179.97

b. $955.99

c. $954.91

d. $977.97

The answer is C, apparently, but how do i get that answer?

2 Answers

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  • Ti
    Lv 7
    9 years ago

    1164/36 (months) you the cost of the policy per month.

    1164/36 X 30 = the remaining 30 months of the policy.

    Good luck

  • Cathi K
    Lv 7
    9 years ago

    You are assuming the insurer will allow the buyer to take it over. They may not.

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