Question 24: (1 Point) Ronnie and Lennore's offer of $350,000 on a dream home has been accepted! They are excited to move from being renters to homeowners but know that things will be tight since it took all their savings for a 10% down payment. Costs are however adding up, which is making them nervous. The Canada Mortgage Housing Corporation (CMHC) mortgage loan insurance premium is 3.10% of the mortgage amount which they have decided to pay at the time of closing instead of adding it to their monthly mortgage. Other fees include a $275 loan application fee, a $350 appraisal fee, a $750 home inspection fee, $665 in notary fees and $4,550 land transfer tax (sometimes known as the "Welcome tax" or "Transfer duties") and $850 for title insurance and homeowner's insurance of $1,000. How much will Ronnie and Lennore need to cover at closing including the down-payment? $46,950 $53,205 $47,775 $37,390 $55,100