Final answer:
The sellers will owe approximately $123.29 in prorated interest to the buyers at the closing on June 15th, calculated using the daily interest rate derived from the annual interest rate of 5% on a loan balance of $60,000.
Step-by-step explanation:
The question involves calculating the prorated interest for the remaining days of June after a closing on June 15th. Since the loan balance is $60,000 and the interest rate is 5% per annum, we need to calculate the daily interest rate. The daily interest can be calculated by dividing the annual interest by the number of days in a year. If we assume a year to have 365 days, the daily interest rate will be 5% of $60,000 divided by 365.
Daily Interest = (Loan Balance x Interest Rate) / Number of days in the year
= ($60,000 x 0.05) / 365
= $3000 / 365
= $8.2192 approximately.
Since the closing is on June 15, there are 15 days of interest that the seller owes for the month of June (assuming June 30 as the end of the month). To find the prorated interest for these 15 days, we multiply the daily interest amount by 15.
Prorated Interest = Daily Interest x Number of days from closing to end of the month
= $8.2192 x 15
= $123.288
So, at the closing, the sellers will owe the buyers approximately $123.29 in prorated interest for the month.