2. You have saved $35,000 to make a down payment and pay the closing costs on...

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2. You have saved $35,000 to make a down payment and pay the closing costs on your future home. Your bank informs you that a 20% down payment is required and that the closing costs should be $400 plus 4 points. What is the maximum price you can offer for a home to have enough money for the down payment and the closing costs? Show all your work. 2. You have saved $35,000 to make a down payment and pay the closing costs on your future home. Your bank informs you that a 20% down payment is required and that the closing costs should be $400 plus 4 points. What is the maximum price you can offer for a home to have enough money for the down payment and the closing costs? Show all your work.

Answer rating: 100% (QA)

The down payment required by the bank is 20 of the home price so we can start by calculating this am... View the full answer