Erin agreed to purchase a house for $97,900.00. Hoover Mortgage is willing to lend her money at 8 percent for 30 years provided Erin can make a down payment of $8,000.00. The total closing costs are 3 percent of the amount of the mortgage loan.
Down payment 8k: remainder of purchase price is 97.9k-8k = 89.9k. That's the amount of the mortgage loan. 3% of 89.9k is 2697. That's that.
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