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SWFT Essntl Tax Individ/Bus Entities 2020

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter5: Business Deductions

Section: Chapter Questions

Problem 38P

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Question

The table shows closing costs for a purchase of a $293,000 house requiring a 20% down
payment. Find the total amount of cash required of the buyer at closing (including
down payment).
Title insurance premium
Document recording fee
Loan fee (1 point)
Appraisal fee
The total amount of cash required at closing is $
(Simplify your answer.)
$450
$60
$400
Prorated property taxes
$674
Prorated insurance premium
$295

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