select the correct answer.\nrenauld has to pay 2 percent in closing costs and 14 percent for the down…

select the correct answer.\nrenauld has to pay 2 percent in closing costs and 14 percent for the down - payment on a purchase of $170,500. over the life of his loan, he will pay $163,021.87.\nwhat is the total cost of his house?\na. $166,431.87\nb. $186,891.87\nc. $190,301.87

select the correct answer.\nrenauld has to pay 2 percent in closing costs and 14 percent for the down - payment on a purchase of $170,500. over the life of his loan, he will pay $163,021.87.\nwhat is the total cost of his house?\na. $166,431.87\nb. $186,891.87\nc. $190,301.87

Answer

Answer:

B. $186,891.87

Explanation:

Step1: Calculate closing costs

Closing costs = $170500\times 0.02=$3410$

Step2: Calculate down - payment

Down - payment = $170500\times 0.14=$23870$

Step3: Calculate total cost

Total cost = $170500 + 3410+23870+163021.87=$186891.87$