Question

The purchase price of a condominium is $123,500. A down payment of 23% is made. The bank charges $725 in fees plus 3 1/2 points. Find the total of them down payment and the closing costs. Round your answer the the nearest cent.

Answer 1

Answer:A down payment of 25% is made. The bank charges $725 in fees plus $3 \frac { 1 } { 2 }$ points. Find the total of the down payment and the closing costs. ... The bank charges $725 in fees plus 312. points. Find the total of the down payment and the ... We found a book related to your question. ... Round to the nearest cent.

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Answer 2

If the purchase price of a condominium is $123500, down payment of 23%, then the total of down payment and the closing costs is $166725.

What is percentage?

Percentage is the number or ratio that is expressed in fraction of 100. It is expressed as %. It shows some part of large quantity.

How to find total?

We have been given that the price of condominium is $123500. Down payment is 23% of the total price , it is 23%*123500=$28405

Left out amount will be 123500-28405=$95095.

Points=(2*3+1)/2=7/2

let the percentage of fees be x% then fees percentage will be :

7/2=x/100

x=35%

Fees will be 123500*35%=$43225.

Closing cost=95095+43225=$138320

Total will be 28405+138320

=$166725

Hence the total of down payment and closing cost will be $166725.

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