You are finalizing a bank loan for 

​$180 comma 000180,000 

for your small business and the closing fees payable to the bank are 

2.4 %2.4% 

of the loan. After paying the​ fees, what will be the net amount of funds from the loan available to your​ business?

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Part 1

The net amount of funds from the loan available to your business is 

​$enter your response here. 

 ​(Round to the nearest​ dollar.)

To determine the net amount of funds available to your business after paying the closing fees, follow these steps:

### Step 1: Calculate the closing fees.
The closing fees are 2.4% of the loan amount, so:

\[
\text{Closing fees} = 180,000 \times \frac{2.4}{100} = 180,000 \times 0.024 = 4,320
\]

### Step 2: Subtract the closing fees from the total loan amount.
To find the net amount of funds available:

\[
\text{Net funds available} = 180,000 - 4,320 = 175,680
\]

### Final Answer:
The net amount of funds available to your business is **$175,680**.

Would you like further details on this calculation or help with related concepts?

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Here are 5 questions to expand on this topic:

1. How do different interest rates affect the total loan repayment?
2. What are the benefits of negotiating loan closing fees?
3. How do closing fees vary for different types of loans?
4. Can loan closing fees be included in the loan balance rather than paid upfront?
5. How do fixed-rate and variable-rate loans impact long-term business finances?

**Tip:** When dealing with percentages, always ensure you're applying the rate to the correct base value.

You are finalizing a bank loan for $180,000 for your small business and the closing fees payable to the bank are 2.4% of the loan. After paying the fees, what will be the net amount of funds from the loan available to your business? (Round to the nearest dollar.)

Learn how to calculate the net amount of a $180,000 loan after paying 2.4% in closing fees. This problem demonstrates essential percentage calculations and basic algebra, suitable for students in Grades 6-8.

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