Question

Sandra is purchasing a home for $200,000 and provides a $3,000 earnest money check to the seller. Her closing costs and down payment total $7,000. Assuming that Sandra is financing the purchase, how much should she bring to the closing?

Answer 1

Answer:

The answer is $190,000.

Explanation:

We are given the information about the total price of the home and other payments made by Sandra towards the purchase of the home.

An earnest money check can be counted towards the down payment. She also pays an amount of $7,000 for the down payment which the total of the two adds up to $10,000.

Subtracting that from the price of the home, she should bring $190,000 to the closing.

I hope this answer helps.