Questions: Issues buying a house at 220,000 5% down payment, closing costs include 3,500 for 6 months of homeowners insurance, 1,050 for 6 months of property taxes. Down payment and closing costs rounded your answer to the nearest cent.

Issues buying a house at 220,000 5% down payment, closing costs include 3,500 for 6 months of homeowners insurance, 1,050 for 6 months of property taxes. Down payment and closing costs rounded your answer to the nearest cent.
Transcript text: Issues buying a house at $220,000 5% down payment, closing costs include $3,500 for 6 months of homeowners insurance, $1,050 for 6 months of property taxes. Down payment and closing costs rounded your answer to the nearest cent.
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Solution

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Solution Steps

To solve this problem, we need to calculate the down payment and the closing costs for buying a house. The down payment is 5% of the house price, and the closing costs include $3,500 for 6 months of homeowners insurance and $1,050 for 6 months of property taxes. We will sum these amounts to get the total cost.

Step 1: Calculate the Down Payment

The down payment is calculated as 5% of the house price. Therefore, we have:

\[ \text{Down Payment} = 0.05 \times 220000 = 11000.00 \]

Step 2: Calculate the Closing Costs

The closing costs consist of homeowners insurance and property taxes. The total closing costs can be calculated as follows:

\[ \text{Closing Costs} = 3500 + 1050 = 4550.00 \]

Step 3: Calculate the Total Cost

The total cost of buying the house is the sum of the down payment and the closing costs:

\[ \text{Total Cost} = \text{Down Payment} + \text{Closing Costs} = 11000.00 + 4550.00 = 15550.00 \]

Final Answer

The down payment is \( \boxed{11000.00} \), the closing costs are \( \boxed{4550.00} \), and the total cost is \( \boxed{15550.00} \).

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