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Sarah Wood and her husband have agreed to purchase a house for $87,500.00. Washington Savings and Loan is willing to finance the purchase but requires a $5,000.00 down payment and closing costs of 3 percent of the amount of the mortgage loan. What are the total closing costs?

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Answer:If there is a $5,000 deposit, that means the amount to be mortgaged is $82,500. Calculating 3% of that amount:

Step-by-step explanation:If there is a $5,000 deposit, that means the amount to be mortgaged is $82,500. Calculating 3% of that amount:

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