Real Estate Math
A Tennessee buyer uses the following closing cost formula: Down payment 20% + 3% in closing costs on the loan amount. If the purchase price is $375,000, what is the total cash needed at closing?
A$82,500
B$75,000
C$81,750
D$83,250✓ Correct
Explanation
Down payment = $375,000 × 20% = $75,000. Loan = $300,000.
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