To find the total of the down payment and the closing costs, we need to calculate both the down payment and the closing costs separately and then add them together.
Given information:
Purchase price of the condominium = $122,500
Down payment percentage = 25%
Bank fees = $735
Points charged by the bank = 2.5% of the purchase price (2.5% * $122,500)
Step 1: Calculate the Down Payment Amount
Down payment percentage = 25%
Down payment amount = 25% of the purchase price
Down payment amount = 0.25 * $122,500
Step 2: Calculate the Points Charged by the Bank
Points charged by the bank = 2.5% of the purchase price
Points charged by the bank = 0.025 * $122,500
Step 3: Calculate the Total Closing Costs
Total closing costs = Bank fees + Points charged by the bank
Total closing costs = $735 + (0.025 * $122,500)
Step 4: Calculate the Total of Down Payment and Closing Costs
Total of down payment and closing costs = Down payment amount + Total closing costs
Now, let's calculate the values:
Step 1:
Down payment amount = 0.25 * $122,500
Down payment amount = $30,625
Step 2:
Points charged by the bank = 0.025 * $122,500
Points charged by the bank = $3,062.50
Step 3:
Total closing costs = $735 + $3,062.50
Total closing costs = $3,797.50
Step 4:
Total of down payment and closing costs = $30,625 + $3,797.50
Total of down payment and closing costs = $34,422.50
So, the total of the down payment and the closing costs is $34,422.50 (rounded to the nearest cent).