Question

Tina has to pay 4 percent of the purchase price toward closing costs for her mortgage. If the purchase price is $275,000, what is the closing cost amount?

Answer 1

x/275,000=4/100 cross multiply and you get x=11,000

Answer 2

Proportion states that two fractions or ratios are equal.

Let x be the closing cost amount.

As per the statement:

Tina has to pay 4 percent of the purchase price toward closing costs for her mortgage. If the purchase price is $275,000.

Purchased Price = $275,000

then, by definition of proportion :

`(4)/(100)=(x)/(275000)`

By cross multiply we have;

1,100,000 = 100x

Divide both sides by 100 we have;

11,000 = x

or

x = $ 11,000

Therefore, the closing cost amount is, 11,000