Question

Renauld has to pay 2 percent in closing costs and 14 percent for the down payment on a purchase of $170,500. Over the life of his loan, he will pay $163,021.87. What is the total cost of his house? $166,431.87 $186,891.87 $190,301.87

Answer 1

the answer is 186891.87 hope it helps

Answer 2

Option C $190,301.87

Explanation:

The value of Renauld's house = $170,500

Renauld has to pay 2% in closing costs and 14% for the down payment.

Total 14 + 2 = 16% of $170,500

= 0.16 × 170,500 = $27280

Renauld will pay over the life of his loan = $163,021.87

The total cost of his house = 163,021.87 + 27,280 = $190,301.87

Option C $190,301.87 is the correct answer.