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Question

Rene and Jefferson Franklin want to purchase a $560,000 home. They plan to make a 25% down payment and finance the remaining amount through Peabody Savings Association. Peabody has these closing costs: application fee,$325; credit report, $90; appraisal report,$555; title insurance, $490; survey and photographs,$325; recording fee, $65; legal fees,$780; and first 6 months of property taxes, $1,789. If the seller agreed to pay 50% of the closing costs, how much money will the Franklins need to secure the loan, including the down payment?

Solution

VerifiedStep 1

1 of 5$\$ 560,000 \times 25\% = \$ 140,000$

The down payment is the product of the down payment rate and the principal

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