Question

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?

Answer 1

$5,425

Step-by-step explanation:

The computation of the her total in closing cost is shown below:

= Buying cost of home × given percentage + appraisal fees + processing fees + title fees

= $190,000 × 2% + $450 + $575 + $600

= $3,800 + $450 + $575 + $600

= $5,425

Hence, the total in closing stock is $5,425

Therefore, we take all the items which are mentioned in the question

Plus the 2 points denotes the 2 percent