Answered

IDNLearn.com connects you with a community of knowledgeable individuals ready to help. Ask any question and get a detailed, reliable answer from our community of experts.

the andrews family has $40,000 for a down payment on a house and closing cost. they need a loan to cover the remaining expenses on the house they will purchase for $150,000. the closing costs are five percent of the home value. how much will the mortage or home loan be?

Sagot :

Answer:

$117.500

Explanation:

$40.000 cover

- $32.500 downton payment

- $7.500 - closing costs (5%*$150.000)

Closing costs is not a part of house price.

Remain costs = $150.000 - $32.500 = $117.500

Thank you for using this platform to share and learn. Keep asking and answering. We appreciate every contribution you make. Thank you for choosing IDNLearn.com. We’re dedicated to providing clear answers, so visit us again for more solutions.