Inez has to pay 4 percent in closing costs and 16 percent for the down payment on a purchase of $225,500 with an ARM. Over the life of the loan, she will pay $262,072.72. What is the total cost of her house?

Question

Dayanara Ibarra

Mathematics

27 November, 00:17

Inez has to pay 4 percent in closing costs and 16 percent for the down payment on a purchase of $225,500 with an ARM. Over the life of the loan, she will pay $262,072.72. What is the total cost of her house?

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Cindy Shepard · Answer 1

Given:

4 percent of closing costs

16 percent for the down payment

$225,500 with an ARM

$262,072.72 total loan payment

225,500 * 4% = $9,020

225,500 * 16% = $36,080

$9,020 + 36,080 + 262,072.72 = $307,172.72