what is the total mortgage for a $180,000 purchase, a 20% down payment, and the closing costs shown in the…

what is the total mortgage for a $180,000 purchase, a 20% down payment, and the closing costs shown in the table?\n|credit report|$100.00|\n|loan origination fee|1%|\n|attorney and notary|$500.00|\n|documentation stamp|0.50%|\n|processing fee|$500.00|

what is the total mortgage for a $180,000 purchase, a 20% down payment, and the closing costs shown in the table?\n|credit report|$100.00|\n|loan origination fee|1%|\n|attorney and notary|$500.00|\n|documentation stamp|0.50%|\n|processing fee|$500.00|

Answer

Explanation:

Step1: Calculate down - payment amount

$180000\times20%=180000\times0.2 = 36000$

Step2: Calculate loan amount

$180000 - 36000=144000$

Step3: Calculate loan origination fee

$144000\times1%=144000\times0.01 = 1440$

Step4: Calculate documentation stamp fee

$144000\times0.50%=144000\times0.005 = 720$

Step5: Calculate total closing costs

$100 + 1440+500 + 720+500=3260$

Step6: Calculate total mortgage

$144000+3260 = 147260$

Answer:

$147260$