Question

13. The house that amber and Amy want to buy costs $210 000. They need 5% of the

purchase price for the minimum down payment and 2% of the purchase price for closing
costs. How much will they need for the down payment and closing costs?


14. The house that Kim wants to buy costs $360 000. She needs 20% of the purchase price
for the down payment and 3% of the purchase price for closing costs. How much will
Kim need for the down payment and closing costs?


15. State four types of additional (one-time) costs to consider when initially purchasing a
house. Explain each of these costs.

Answer 1

$14,700

Explanation:

5% of $210,000 is $10,500.

2% of the purchase price ($210,000) would be $4,200.

Thus the total of down payment and closing costs would be $14,700.