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h will landers and his brother need to secure the loan, including the d

h will landers and his brother need to secure the loan, including the d

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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How much cash will landers and his brother need to secure the loan, including the down payment?

 

7. Fred Landers and his brother are interested in purchasing a house priced at $310,000. They plan to put 30 percent down and finance the remaining amount through Anderson Savings. Anderson Savings has the following closing costs: credit report, $100; appraisal report, $250; title insurance, $190; survey and photographs, $275; recording fees, $70; and legal fees, $280. If the loan is approved, how much cash will Landers and his brother need to secure the loan, including the down payment? $94,165 c. $95,389 d. $92,259 a. b. $97,238
Transcribed Image Text:7. Fred Landers and his brother are interested in purchasing a house priced at $310,000. They plan to put 30 percent down and finance the remaining amount through Anderson Savings. Anderson Savings has the following closing costs: credit report, $100; appraisal report, $250; title insurance, $190; survey and photographs, $275; recording fees, $70; and legal fees, $280. If the loan is approved, how much cash will Landers and his brother need to secure the loan, including the down payment? $94,165 c. $95,389 d. $92,259 a. b. $97,238
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