Question

Renauld has to pay 2 percent in closing costs and 14 percent for the down payment on a purchase of $170,500. Over the life of his loan, he will pay $163,021.87. What is the total cost of his house? A. $166,431.87 B. $186,891.87 C. $190,301.87

Answer 1

Renaud has to pay 2 percent + 14 percent = 16 percent initial costs

We can establish a proportion:

If 100% is => $170,500

Then 16% => $C costs

$C = 16 x $170,500/100 = $27,280 initial costs

Total cost = $163,021.87 + $27,280 = $190,301.87

Answer : C.) $190,301.87


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