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)
Responses

$605.36

$605.36

$3,491.04

$3,491.04

$25,985.68

$25,985.68

$95,505.36

Answer 1

To determine how much cash the borrower paid upfront, we need to look at the relevant figures provided in the final settlement statement.

The final settlement statement lists the following:

• Deposit or earnest money: $500.00
• Principal amount of new loan: $94,400.00
• County taxes (half year): $605.36
• Total paid by borrower: $95,505.36
• Cash from borrower: $25,985.68

The 'cash from borrower' amount reflects the upfront cash the borrower provided, which is $25,985.68.

So, the correct response is:

$25,985.68