Real Estate Math
A Texas property sells for $580,000. The buyer finances $464,000 and pays 1% origination fee, $2,200 in title fees, $1,800 appraisal and inspection fees, and prepaid items of $3,600. What are the total estimated buyer's closing costs?
A$12,240✓ Correct
B$12,060
C$13,000
D$11,240
Explanation
Origination fee = $464,000 × 1% = $4,640. Title fees = $2,200. Appraisal/inspection = $1,800. Prepaids = $3,600. Total = $4,640 + $2,200 + $1,800 + $3,600 = $12,240.
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