Use the table to answer the question.

Question

The table shows the Final Settlement Statement for the purchase of a home.


Final Settlement Statement
Contract sales price $118,000.00
Settlement charges to borrower $3,491.04
Gross amount due from borrower Add contract sales price and settlement charges to borrower
Deposit or earnest money $500.00
Principal amount of new loan $94,400.00
County taxes (half year) $605.36
Total paid by borrower Add deposit or earnest money, principal amount of new loan, and county taxes (half year)
Gross amount due from borrower Add less amount paid by borrower and cash from borrower
Less amount paid by borrower $95,505.36
Cash from borrower $25,985.68


How much cash did the borrower pay upfront?

(1 point)

Answer 1

To find out how much cash the borrower paid upfront, we need to look at the “Deposit or earnest money” and the “County taxes (half year)” because these represent the upfront cash payments that the borrower made.

From the table:

• Deposit or earnest money: $500.00
• County taxes (half year): $605.36

Now, we can add these two amounts together to find the total cash the borrower paid upfront:

\[ \text{Total cash paid upfront} = \text{Deposit or earnest money} + \text{County taxes} \] \[ \text{Total cash paid upfront} = 500.00 + 605.36 = 1105.36 \]

Therefore, the borrower paid $1,105.36 upfront.