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ale4655
1 month ago
14

Renauld has to pay 2 percent in closing costs and 14 percent for the down payment on a purchase of $170,500. Over the life of hi

s loan, he will pay $163,021.87. What is the total cost of his house?. A. $166,431.87. B. $186,891.87. C. $190,301.87
Mathematics
2 answers:
Leona [12.6K]1 month ago
6 0

The correct response is:

C. $190,301.870.

Explanation:

A down payment of 14% amounts to 0.14(170500) = $23,870.

2% of closing costs equates to 0.02(170500) = $3410.

When we sum these amounts with the loan payment of $163,021.87, the total becomes:

163021.87+23870+3410 = 190301.87

Leona [12.6K]1 month ago
5 0

The overall expense for Renauld’s property amounts to $190,301.87. It’s important to calculate the down payment and closing costs to determine the right choice from all given options, which is C. I trust this explanation addresses your inquiry regarding this question.

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