A lender estimates that the closing costs on a $293,600 home loan will be $11,010. The actual closing costs were 3.25% of the loan amount. Determine if the closing costs were higher or lower than the estimate and by what percent? a. higher by 0.25% b. higher by 0.5% c. lower by 0.25% d. lower by 0.5% Please select the best answer from the choices provided
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Ответ:
We choose D
Explanation:
Given that:
Home loan: $293,600Estimated cost: $11,010The actual closing costs were 3.25%/ home loan.From the given information, we need to find out the actual closing costs
= Home loan ÷ Rate of closing stock
= $293,600 ÷ 0.0325
= $9,542
The difference of the actual and the estimate is:
= Estimated cost - actual closing costs
= $11,010 - $9,542
= $1,468
The percentage of difference :
$1,468 /$293,60*100%
= 0.5%
We choose D
Ответ:
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