select the correct answer.\nthe closing costs for alicias mortgage will amount to 5 percent of the purchase…

select the correct answer.\nthe closing costs for alicias mortgage will amount to 5 percent of the purchase price. if the purchase price is $175,000, how much are the closing costs?\n\na. $7,500\nb. $8,500\nc. $8,750

select the correct answer.\nthe closing costs for alicias mortgage will amount to 5 percent of the purchase price. if the purchase price is $175,000, how much are the closing costs?\n\na. $7,500\nb. $8,500\nc. $8,750

Answer

Answer:

C. $8,750

Explanation:

Step1: Convert percentage to decimal

5% = 0.05

Step2: Calculate closing costs

Closing costs = 0.05×175000 = 8750