Fred Landers and his brother are interested in purchasing a house priced at $310,000. They plan to put 30% down and finance the
remaining amount through Anderson Savings. Anderson Savings has the following closing costs: credit report, $100; appraisal report, $250; title insurance, $190; survey and photographs, $275; recording fees, $70; and legal fees, $280. If the loan is approved, how much cash must Fred and his brother have to secure the loan, including the down payment? A: $95,389
B: $97,238
C: $92,259
D: $94,165
20.8478066 (or 20.85%) you do 480.77 minus 380.54 and it comes out to 100.23 and then you do 100.23/480=x/100 (discount/original=percent/100) and you multiply 100.23 by 100 and it comes to 10023 and you do 10023 divided by 480.77 and it comes out to 20.8478066 or 20.85%
