17
QuizMultiple Choice

Other Costs of Buying a Home

Question 17 • 26-27 Ignite Financial Literacy Personal Finance - EL3403

The list below shows the closing costs on a home loan amount of $185,000. Closing Cost Charge Loan origination $275 Title insurance $528 Attorney's fees $750 Appraisal $275 Recording fees $121 If the buyer also paid a 3% real estate agent commission, what was the total amount paid at closing?

Answer
A
$2,499
B
$5,550
C
$6,499
D
$7,499

Explanation

The listed closing costs add up to $1,949: $275 + $528 + $750 + $275 + $121. The 3% real estate commission is 0.03 × $185,000 = $5,550. Adding these gives $1,949 + $5,550 = $7,499, so the correct choice is $7,499.

AI-written and checked against the verified answer.

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