Solution-Find the amount due at the closing

Find the amount due at the closing

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Mike is purchasing a home for $130,000. The down payment is 15% and the balance will be financed with a 20-year mortgage at 6% and 3 discount points. Mike made a deposit of $5,000 (applied to the down payment) when the sales contract was signed.Mike also has these expenses: credit report, $80; appraisal fee, $110; title insurance premium, 1% of amount financed; title search, $150; and attorney's fees, $500. Find the amount due at the closing.

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Find the amount due at the closing

Reference no: EM132484978

Reference no: EM132484978

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