Problem

The table on the right shows closing costs for a purchase of a $\$ 368,000$ house requiring a $20 \%$ down payment. Find the total closing costs. Title insurance premium Document recording fee Loan fee (3 points) Appraisal fee Prorated property taxes Prorated insurance premium $\$ 240$ $\$ 30$ $\$ 225$ $\$ 676$ $\$ 300$ What are the total closing costs? $5 \square$

Solution

Step 1 :The question is asking for the total closing costs for the purchase of a house. The closing costs are given as individual costs for different items. To find the total closing costs, we need to add up all these individual costs.

Step 2 :Given costs are: Title insurance premium = \$240, Document recording fee = \$30, Loan fee = \$225, Appraisal fee = \$676, Prorated property taxes = \$300, Prorated insurance premium = \$5

Step 3 :Add all the given costs: \$240 + \$30 + \$225 + \$676 + \$300 + \$5 = \$1476

Step 4 :\(\boxed{\text{The total closing costs for the purchase of the house are \$1476}}\)

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