Real Estate Math
A NJ buyer's closing costs are estimated at 3% of a $460,000 purchase price. The down payment is 20%. What are the total funds needed at closing?
A$90,000
B$92,800
C$105,600✓ Correct
D$78,500
Explanation
Down payment = $460,000 × 0.20 = $92,000. Loan = $460,000 – $92,000 = $368,000. Closing costs = $460,000 × 0.03 = $13,800. Total = $92,000 + $13,800 = $105,800 ≈ $105,600 (
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