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3 May, 11:09

Vijay sells land and receives $5,000 cash, a motorcycle worth $1,600, and two tickets to the Super Bowl with a total face value (cost) of $800 but worth $1,200. In addition, the buyer assumes the mortgage on the land of $12,000. What is Vijay's amount received in this transaction?

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  1. 3 May, 11:29
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    In this transaction Vijay received $19,800

    Explanation:

    To get the total amount that Vijay received we have to add all the items.

    Cash = $5,000

    Motorcycle = $1,600

    Tickets=$1,200

    We consider $1,200 because we use the market price. If the buyer want to buy it in the actual market, how much he will pay?

    Mortgage=$12,000

    We consider the mortgage because Vijay don't have to pay it any more, the buyer will pay it, so we don't have the debt

    So Vijay received = $5,000+$1,600+$1,200 + $12,000=$19,800
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Home » Business » Vijay sells land and receives $5,000 cash, a motorcycle worth $1,600, and two tickets to the Super Bowl with a total face value (cost) of $800 but worth $1,200. In addition, the buyer assumes the mortgage on the land of $12,000.
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