Answer:
The fee was $474.
Step-by-step explanation:
Given:
A property had a list price of $164,000, an actual sale price of $158,000 and a $124,000 loan.
If the transfer fee was $3 per $1,000.
Now, to find the fee.
The list price of the property = $164,000.
The sale price of the property = $158,000.
And the amount of loan = $124,000.
As, the transfer fee is based on the sale price of the property.
The transfer fee was $3 per $1,000.
So, let transfer fee be [tex]x[/tex] for $158,000.
If, 3 is equivalent to [tex]1000.[/tex]
Then, [tex]x[/tex] is equivalent to 158,000.
Now, to get the fee by using cross multiplication method:
[tex]\frac{3}{1000} =\frac{x}{158000}[/tex]
By cross multiplying we get:
[tex]474000=1000x[/tex]
Dividing both sides by 1000 we get:
[tex]474=x[/tex]
[tex]x=\$474.[/tex]
The transfer fee = $474.
Therefore, the fee was $474.
