Tom will need to bring to the closing $54,341.27 He would need 12 and it would cost 50k.
The meaning down payment is a part of the full price paid at the time of purchase or delivery with the balance to be paid later.
We have given that,
Tom buys a condominium for $42,600.
Inspection, $110; mortgage fee, $852; legal fees, $450; title insurance, $286
He makes a down payment of 15% and pays these closing costs to survey $225.
9% payments: $563.24
7% payments: $494.75.
Monthly savings: $69.49
9% total repaid: $2022,764.90
7% total repaid: $148,423.63
Savings: $54,341.27
To learn more about the savings visit:
brainly.com/question/25787382
#SPJ1
