Jeff purchases a $37,000 property, depositing $3,000 as earnest money. if jeff obtains a 75% loan-to-value loan on the property, no additional items are prorated and there are no closing costs to jeff, how much more cash will jeff need at the settlement?

Jeff will need $6,250 more cash at the settlement

Step-by-step explanation:

First the 75% of the home value $37,000:

Therefore, the value not covered by the loan is the difference between the home value and its 75%:

Since Jeff has already done a deposit of $3,000 as earnest money, then the cash he will need at the settlement is the difference between the $9,250 and those $3,000 of the deposit:

Jeff will need $6,250 more cash at the settlement

(x, y)→(x − 8, y − 7)

step-by-step explanation:

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