Real Estate Math
A buyer wants to put 20% down on a $385,000 home. They also need to pay 2% of the loan amount in closing costs. What is the total cash the buyer needs at closing?
A$77,000
B$83,160✓ Correct
C$83,000
D$84,000
Explanation
Down payment = $385,000 × 20% = $77,000. Loan = $385,000 - $77,000 = $308,000. Closing costs = $308,000 × 2% = $6,160. Total cash needed = $77,000 + $6,160 = $83,160.
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