A lender estimates that the closing costs on a $312,500 home loan will be $12,500. The actual closing costs were 4. 25% of the loan amount. Determine if the closing costs were higher or lower than the estimate and by what percent. A. Higher by 0. 125% b. Higher by 0. 25% c. Lower by 0. 125% d. Lower by 0. 25% Please select the best answer from the choices provided A B C D.
