Answer:
A. $307,172.72
Step-by-step explanation:
Inez has to pay 4 percent in closing costs and 16 percent for the down payment on a purchase of $225,500 with an ARM.
4% + 16% = 20%
lnez has to pay 20% of $225,500
= 225,500*20/100
= 225,500*0.2
= $45100
lnez has to pay $45100.
Over the life of the loan, lnez will pay $262,072.72
Now we have to add down payment, closing cost and the payment over the life of the loan.
$45100 + $262,072.72
= $307,172.72
Answer: A. $307,172.72
Thank you.
