The lender’s good faith estimate is that he made a poor estimate; it was off by more than 0.5% of the actual closing costs.

<h3>What is closing cost?</h3>

All the expenduture and charges charged by a lander and other parties is called the closing cost.

A lender estimates the closing costs on a home loan will be 3.75% of the loan amount of $120,000. Thus, the estimate closing cost is,

$C_{ec}=\dfrac{3.75}{100}\times120000\\C_{ec}=4500$

The actual closing costs are listed below.

Loan origination $300
Title insurance $600
Attorney’s fees $1,250
Appraisal $550
Inspection $525
Recording fees $125
Escrow $2,000.

The total annual cost is,

$C= $300 +$600 +$1,250 +$550 +$525 +$125 +$2,000\\C=4800$

Total annual cost is $300 more than the estimate closing cost. In the percentage form,

$p=\dfrac{4800-4500}{4500}\times100\\p=6.66\%$

Thus, the lender’s good faith estimate is that he made a poor estimate; it was off by more than 0.5% of the actual closing costs.

Learn more about the closing cost here;

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5 0

2 years ago

Ameen went to the salon and had 3/8 of an inch of hair cut off. The next day she went back and asked for another 1/2 of an inch

GaryK [48]

Answer:

Total hair cut off = $\frac{7}{8}$

Step-by-step explanation:

Given - Ameen went to the salon and had $\frac{3}{8}$ of an inch of hair cut off. The next day she went back and asked for another $\frac{1}{2}$ of an inch to be cut off.

To find - How much hair did she have cut off in all?

Proof -

Given that,

Firstly,

She cut off her hair = $\frac{3}{8}$

Then,

She cut off her hair = $\frac{1}{2}$

So,

Total hair cut off = $\frac{3}{8}$ + $\frac{1}{2}$

= $\frac{3 + 4}{8}$ = $\frac{7}{8}$

⇒Total hair cut off = $\frac{7}{8}$

4 0

3 years ago

Find the volume of a cylinder with diameter 8 inches and height 9 1/2 inches

marta [7]

Answer:

$V=152\pi in^{2}$ in terms or pi

$V=477.52in^{2}$ simplified

Step-by-step explanation:

To solve this, we are using the Cylinder's volume formula:

$V=\pi r^{2} h$

where

$V$ is the volume of the cylinder

$r$ is the radius of the cylinder

Remember that radius is half the diameter, so we can divide the diameter of our cylinder by 2 to find its radius: $r=\frac{d}{2} =\frac{8in}{2} =4in$ . Now, 9 1/2 inches is 9 and a half inches, so $h=9.5in$ .