The Colburns want to buy a condominium priced

at $135,700. They will need to make a down

payment of 15% and pay closing costs of 3% of

the purchase price.

1. How much cash will they need for the down
   

payment?

1. How much of the purchase price will they
   

have to borrow?

1. How much cash will they need for the closing
   

costs?