Question

Inez has to pay 4 percent in closing costs and 16 percent for the down payment on a purchase of $225,500 with an ARM. Over the life of the loan, she will pay $262,072.72.

What is the total cost of her house? PLZZZ HELPPP

Answer 1

hmm, im thinking the payment are for the loan itself, so you might need to add in (4+16)% of the 225k to that

Answer 2

total cost = closing cost + down payment + total payments made on loan