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How much of the purchase will they have to borrow
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How much of the purchase will they have to borrow

How much of the purchase will they have to borrow-example-1
User Bshanks
by
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1 Answer

2 votes

Answer:

They will have to borrow $ 31,211

(23% of the purchase price)

Explanation:

Total price : $135,700

Down payment: 20% of total price

Closing costs : 3% of total price

The Colburns will have to borrow 23% of the total price.

0.23*$135,700 = $ 31,211

User Dmitriy Kovalenko
by
7.3k points
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