Question

Deborah is buying a $240,000 home. She has decided to purchase 2 points in

order to lower her interest rate. The appraisal fee is $550, the processing fee
is $475, and the title fee is $600. What is her total in closing costs?
A. $5825
OB. $6425
OC. $4800
OD. $5350
SUBMIT

Answer 1

The answer to your problem is, B. $6425

Explanation:

Since there is no down payment:

2% x $240,000

+ 450 + 575 + 600

Then the answer is:

$6425

Thus the answer to your problem is, B. $6425