Question

Barney and Betty buy a home. They plan to make a down payment and carry a $101,000 mortgage. Closing costs are $3,750 and are added to the loan amount. What is the new amount being financed?

A) 104,750
B) 97,250

Answer 1

Answer: A) 104,750

Step-by-step explanation:

Given: Barney and Betty buy a home.

Mortgage amount = $\ \ 101,000$

Closing cost= $\ \ 3,750$

When closing costs are added to the loan amount.

Then, the new amount being financed is given by :-

$\text{New amount=Mortgage +Closing cost}\\\\\Rightarrow\text{New amount = }\ \ 101,000+\ \ 3,750\\\\\Rightarrow\text{New amount = }\ 104,750$

Hence, the new amount being financed $ 104,750

Answer 2

Answer:

Option A) 104,750

Step-by-step explanation:

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