Question

ax is buying a home worth $250,000. He will pay 3 percent in closing costs and 12 percent for a down payment. Calculate how much he will pay for each of these one-time fees.

Answer 1

3% of $250,000 is the same as 0.03 x 250,000, which = $7500. The closing cost = 0.12 x 250,000, which = $30,000.