1.The jones are purchasing a new home. The closing cost are $249 plus 3% of the purchase price of the home. A. Write an equation to represent the total closing cost, Define your variable B. The purchase pride of their home is 195,000. The sellers offered 5,000 in closing cost assistance. Will this cover all their closing cost? If not, how much will the Jones need to pay out of pocket

Kindly check explanation

Explanation:

Given the following :

Closing cost of property :

$249 + 3% of the purchase price of the property

A. Write an equation to represent the total closing cost

Let the purchase price of the home = p

Hence, the closing cost (C) will be :

C = $249 + 0.03p

Where, C = closing cost ; p = purchase price of home

B.) The purchase price of their home is 195,000. The sellers offered 5,000 in closing cost assistance

If p = $195,000

Then,

C = $249 + 0.03(195,000)

C = $249 + $5850

C = $6,099

Closing cost of Home = $6,099

If seller offered $5,000 in closing cost assistance ; it won't be enough to cover the actual closing cost.

Hence, Jones will need to pay ($6,099 - $5,000) = $1,099 out of his pocket.

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