Problemdick and jane and their dog spot have just purchased, Ask an Expert

Accounting

Problem:

Dick and Jane (and their dog Spot) have just purchased a house and are calculating how much money they will need when the closing day rolls around. The purchase price is $150,000. They will make a 20% down payment, and they must pay 2 1/2 points on the loan. The title search will be $400, appraisal fee $500, application fee $900, and he will pay one percent origination fee.

Required:

Question: What is the total dollar amount they will need at closing?

Note: Please show guided help with steps and answer.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91171488

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