Andrea is buying a house for $120,000. She plans to make a 12 % down...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Andrea is buying a house for $120,000. She plans to make a 12 % down payment. Closing costs include $950 for 6 months of homeowners insurance, $1150 for 6 months of property tax, $100 for the title fee, and $350 in transaction fees. Andrea also agreed to pay two points in exchange for a 0.5% reduction in interest rate. Determine the amount of money Andrea needs to cover closing costs. Round your answer to the nearest cent.
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.