A buyer has made an earnest money deposit of $6,500 on a house selling for $112,500. A lender has agreed to lend 85% of the purchase price at 6% interest for 30 years. If the buyer's closing costs amount to $4,375, how much additional cash must the buyer bring to closing?

Cash is a form of legal cash than can be used to trade commodities or pay debts. The value of assets can be turned into cash quickly is commonly referred to as "cash".

Given Information:-

Since the lender has agreed to lend 85% of the purchase price, the buyer must provide 15% of the purchase price.

Purchase Price = $112,500

Cash Deposit (15%) = 15% of 112,500 =0.15 X 112,500 =$16,875

Amount to be Paid by the buyer:-

= Cash Deposit + Closing Cost

=$16,875 + $4,375

=$21,250

Since, the buyer has made an earnest money deposit of $6,500,

The additional cash which the buyer must bring to closing

=Amount to be Paid by the buyer - Earnest Deposit

=21250 - 6500

=$14,750

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$14,750

Explanation:

Since the lender has agreed to lend 85% of the purchase price, the buyer must provide 15% of the purchase price.

Purchase Price = $112,500

Cash Deposit (15%) = 15% of 112,500 =0.15 X 112,500 =$16,875

Amount to be Paid by the buyer

= Cash Deposit + Closing Cost

=$16,875 + $4,375

=$21,250

Since the buyer has made an earnest money deposit of $6,500,

The additional cash which the buyer must bring to closing

=Amount to be Paid by the buyer - Earnest Deposit

=21250 - 6500

=$14,750

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explanation: