Kari is purchasing a home for $220,000. The down payment is 25% and the balance will...

Kari is purchasing a home for $220,000. The down payment is 25% and the balance will be financed with a year mortgage at 8% and 4 discount points. Kari made a deposit of $30,000 (applied to the doen payment) when the sales contract was signed.

Kari also has three expenses: credit report, $70; appraisal fee, $110; title insurance premium, 1% of amount financed; title search, $200; and attorney's fees, $500. Find the closing costs (in $).

Expert Solution

Answer

Explanation :

Particulars	Amount
Down payment amount (220,000*25%)	$ 55,000
Add :
Financed amount (220,00075%)4%	$ 6,600
Credit report	$ 70
Appraisal fee	$ 110
Title Insurance premium(220,00075%)1%	$ 1,650
Title Search	$ 200
Attorney fee	$ 500
Total	$ 64,130
Less : amount paid at singing contract	$ 30,000
Amount due at closing	$ 34,130

ekkarill92 answered 1 year ago

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