Business, 10.12.2021 18:30 layja9

Sharon Fox decided to buy a home in Marblehead, Massachusetts, for $275,000. Her bank requires a 30% down payment. Sue Willis, an attorney, has notified Sharon that besides the 30% down payment there will be the following additional costs: Recording of the deed $30.00
A credit and appraisal report 155.00
Preparation of appropriate documents 48.00
In addition, there will be a transfer tax of 1.8% of the purchase price and a loan origination fee of 2.5% of the mortgage amount. Assume a 30-year mortgage at a rate of 10%.
What is the initial amount of cash Sharon will need? (Do not round intermediate calculations. Round your answer to the nearest cent.)Initial amount $

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Sharon Fox decided to buy a home in Marblehead, Massachusetts, for $275,000. Her bank requires a 30%...