Sharon Fox decided to buy a home in Marblehead, Massachusetts, for $275,000. Her bank requires a 30% down payment. Sue Willis, an attorney, has notified Sharon that besides the 30% down payment there will be the following additional costs: (Use Table 15.1.).

Recording of the deed	$30.00
A credit and appraisal report	155.00
Preparation of appropriate documents	48.00

Other closing expenses include a transfer tax of 1.8% of the purchase price and a loan origination fee of 2.5% of the mortgage amount. Assume a 30-year mortgage at a rate of 10%.

a. What is the initial amount of cash Sharon will need? (Do not round intermediate calculations. Round your answer to the nearest cent.)

Initial amount $