Answers Spring 2026 Financial Math - MA2007 MQS21QXV Topic TestQuestion 42

42

QuizMultiple Choice

Topic Test

Question 42 • ****Spring 2026 Financial Math - MA2007 MQS21QXV

In addition to the following closing costs listed below, the buyer pays a realtor commission that is 3.5% of the loan amount.Closing CostChargeLoan origination$280Title insurance$476Attorney’s fees$675Inspection$200Recording fees$118Escrow$573If the loan amount is $165,000, how much was paid at closing?

Answer

A

$2,322

B

$2,899

C

$5,775

D

$8,097

Explanation

First add the listed closing costs: $280 + $476 + $675 + $200 + $118 + $573 = $2,322. The realtor commission is 3.5% of $165,000, or 0.035 × $165,000 = $5,775. Adding these amounts gives $2,322 + $5,775 = $8,097, so the correct choice is $8,097.

AI-written and checked against the verified answer.

More from this Course

103 verified answers

Cumulative Exam

32 verified answers

Buying vs. Renting a Home

15 verified answers

Buying vs. Renting a Home