What is the total cost due to a buyer at closing when the total settlement costs amount to $8,300 and the buyer's good faith deposit is $8,000?

To determine the total cost due from the buyer at closing, you need to consider the total settlement costs and the amount of the buyer's good faith deposit. The settlement costs represent the full amount the buyer is responsible for at closing, which in this case is $8,300. The good faith deposit acts as an advance payment towards these costs, reducing the amount the buyer will ultimately need to pay at closing.

To calculate the amount due, you simply subtract the good faith deposit from the total settlement costs. Here’s how the math works:

Total settlement costs: $8,300

Good faith deposit: $8,000

Amount due at closing = Total settlement costs - Good faith deposit

Amount due at closing = $8,300 - $8,000

Amount due at closing = $300

Thus, the buyer is required to pay an additional $300 at the closing table, making the total payment at closing equal to the sum of the initial deposit and the closing amount due.

However, it appears that the result of your answer suggests a misunderstanding in the arithmetic or context of the question regarding the final value label because the total amount due at closing is not $78,700. Instead, keep in mind that this scenario reflects the