Question

"Title insurance on a property is $1740.90. The fee for the title search is $375, the cost of preparing papers is $75, and other miscellaneous fees amount to $60.10. If the seller pays 60% of the total charge and the buyer pays the balance, to the nearest dollar, how much MORE will the seller pay than the buyer?

A. $225
B. $450
C. $530
D. $900

Answer 1

The seller will pay $348.18 more than the buyer for title insurance on the property.

Step-by-step explanation:

The total charge for the title insurance on the property is $1740.90. The seller is responsible for 60% of the total charge, while the buyer is responsible for the remaining 40%.

To find out how much the seller will pay, we need to calculate 60% of $1740.90:

60% of $1740.90 = $1740.90 * 0.6 = $1044.54

The buyer will pay the balance, which is the difference between the total charge and what the seller pays:

$1740.90 - $1044.54 = $696.36

To find out how much more the seller will pay than the buyer, we can subtract the buyer's payment from the seller's payment:

$1044.54 - $696.36 = $348.18

So, the seller will pay $348.18 more than the buyer.