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MariettaO [177]
2 years ago
6

A man is purchasing a house for $325,000. His lender requires a 20 percent down payment and 2 points at closing. The man is also

responsible for $2,000 in closing costs. What is the total amount of money he needs to close?
Business
1 answer:
Leviafan [203]2 years ago
7 0

Answer:

$73,500

Explanation:

the man needs enough money to cover:

  • down payment = $325,000 x 20% = $65,000
  • closing points = $325,000 x 2% = $6,500
  • closing costs = $2,000
  • total = $73,500

The closing points are generally paid to the mortgage lender in order to lower the mortgage's interest rate which will result in a lower monthly payment.

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