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Hunter-Best [27]
3 years ago
7

A lender estimates that the closing costs on a $312,500 home loan will be $12,500. the actual closing costs were 4.25% of the lo

an amount. determine if the closing costs were higher or lower than the estimate and by what percent.
a. higher by 0.125%

b. higher by 0.25%

c. lower by 0.125%

d. lower by 0.25%
Business
2 answers:
IceJOKER [234]3 years ago
8 0
<span>The answer is B. higher by 0.25%.
</span>
Ilya [14]3 years ago
3 0

Answer:

b. higher by 0.25%

Explanation:

The closing costs were higher because:

$312,500*4,25%= $13,281

The estimated closing costs were $12,500 and the actual value was $13,281.

Also, to determine the percent by which the costs were higher, we have to calculate what percentage of the home loan were the estimated closing costs of $12,500. So,

$12,500/$312,500= 0,04*100= 4%

The estimated costs were 4% of the loan amount and the actual closing costs represent 4,25%. According to this, the actual closing costs are higher by 0,25%.

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