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Geo wants to buy a new home. The sales price is 185000. He has prequalified for a loan at 5.4% interest over 30 years with a 5% down payment and closing cost of 3% of the sales price. How much are the closing costs?

Respuesta :

Answer:

$5,550.

Explanation:

The sales price = $185,000

The closing cost = 3% of the sales price.

Thus:

[tex]\begin{gathered} \text{Closing Price=3\% of }$\$185,000$ \\ =\frac{3}{100}\times185,000 \\ =0.03\times185,000 \\ =\$5,550 \end{gathered}[/tex]

The closing cost is $5,550.

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