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A lender estimates that the closing costs on a $312,500 home loan will be $12,500. The actual closing costs were 4.25% of the loan amount. Determine if the closing costs were hig…

A lender estimates that the closing costs on a $312,500 home loan will be $12,500. The actual closing costs were 4.25% of the loan amount. Determine if the closing costs were hig…
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A lender estimates that the closing costs on a $312,500 home loan will be $12,500. The actual closing costs were 4.25% of the loan amount. Determine if the closing costs were higher or lower than the estimate and by what percent.

User Tiny Wang
by
8.3k points

2 Answers

5 votes

Answer:

b. higher by 0.25%

Explanation:

User Shahin Ghasemi
by
7.9k points
2 votes
Higher by 0.125% is your answer.
User Unnik
by
7.6k points
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