Finance
A buyer is purchasing a home for $310,000 with a 10% down payment. The seller has agreed to pay 3% of the purchase price toward the buyer's closing costs. The buyer's total cash needed at closing (down payment + remaining closing costs above seller's contribution), assuming total closing costs of 4%:
A$34,100✓ Correct
B$31,000
C$43,400
D$37,200
Explanation
Down payment = $310,000 × 10% = $31,000. Total closing costs = $310,000 × 4% = $12,400.
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