Question

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 will Fred and his brother need to secure the loan, including the down payment

Answer 1

Answer:

the answer is 94165

Explanation:

first let's find the amount of the down payment. It is 30% of the total.  

310000 x 0.30 = 9,000

now we just need to add on all the additional costs.

93000 + 100 + 250 +190 + 275 +70 + 280 = 94165