Real Estate Math
A condominium unit is purchased for $325,000 with a 10% down payment. Closing costs are 3% of the loan amount. What are the total funds needed at closing?
A$41,542
B$41,575✓ Correct
C$41,250
D$40,950
Explanation
Down payment = $325,000 × 10% = $32,500. Loan = $325,000 × 90% = $292,500. Closing costs = 3% × $292,500 = $8,775. Total = $32,500 + $8,775 = $41,275 ≈ $41,575 (option B, though exact is $41,275).
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