Sam and Joan made an offer of $250,000 asking the seller to pay all closing costs. They will put 10% down and pay one discount points at closing. The amount of cash required at closing for Sam and Joan will be?

$27,500

Explanation:

Discount points are also called mortgage points and are fees paid as prepaid interest rate on a mortgage property.

One discount point is equivalent to 1% of the loan amount.

In the given scenario a down payment of 10% was made.

Also they are pay one discount point to close.

So total down payment to be made is 10% + 1% = 11%

Amount is cash for closing = 0.11 * 250,000 = $27,500

match the scenarios with terms related to financial aid.

pell grant

student loan

merit-based scholarship

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nathan comes from a low-income household. he wants to pursue an undergraduate degree in marketing. he receives financial aid covering 50 percent of his college expenses. nathan does not have to pay back this amount.

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