Kari is purchasing a home for $260,000. The down payment is 25% and the balance will be financed with a 15 year mortgage at 8% and 4 discount points. Kari made a deposit of $20,000 (applied to the down payment) when the sales contract was signed. Kari also has these expenses: credit report, $70; appraisal fee, $110; title insurance premium, 1% of amount financed; title search, $300; and attorney's fees, $500. Find the closing costs (in $).

Kari is purchasing a home for $260,000. The down payment is 25% and the balance will be financed with a 15 year mortgage at 8% and 4 discount points. Kari made a deposit of $20,000 (applied to the down payment) when the sales contract was signed. Kari also has these expenses: credit report, $70; appraisal fee, $110; title insurance premium, 1% of amount financed; title search, $300; and attorney's fees, $500. Find the closing costs (in $).

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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