Question

Question 4 of 10

Rosa is buying a $190,000 home. She has decided to purchase 2 points in order
to lower her interest rate. The appraisal fee is $450, the processing fee is $575,
and the title fee is $600. What is her total in closing costs?
A. $1625
B. $2005
c. $5425
O D. $3525

Answer 1

C) $5425

Explanation:

Total closing costs = 2% of the purchase price + appraisal fee + processing fee + title fee

Given:

• purchase price = $190,000
• appraisal fee = $450
• processing fee = $575
• title fee = $600

Total closing costs = $190000 x 0.02 + $450 + $575 + $600

= $3800 + $450 + $575 + $600

= $5425

Answer 2

✴Given:

↪Purchase price = $190,000

↪Appraisal fee = $450

↪Processing fee = $575

↪Title fee = $600

✴Lets , find total closing costs :

`\small\bold\red{[Total \: closing \: costs = 2 \% \: of \: the \: purchase \: price + appraisal \: fee + processing \: fee + title \: fee]}`

↪ $190000 × 0.02 + $450 + $575 + $600

↪ $3800 + $450 + $575 + $600

↪ $5425

Answer :-
`\small\bold\pink{C.) 5425}`