Question

The closing costs for Alicia's mortgage will amount to 5 percent of the purchase price. If the purchase price is $175,000, how much are the closing costs?

Answer 1

$8,750.

Explanation:

We have been given that closing costs for Alicia's mortgage will amount to 5 percent of the purchase price. The purchase price is $175,000.

To find the amount of closing costs, we need to figure out 5% of $175,000.

`\text{The amount of closing costs}=(5)/(100)* \$175,000`

`\text{The amount of closing costs}=0.05* \$175,000`

`\text{The amount of closing costs}=\$8,750`

Therefore, the closing costs are $8,750.

Answer 2

5 % = 0.05
$175,000 · 0.05 = $8,750
Answer: The closing costs are $8,750