A lender estimates that the closing costs on a $293,600 home loan will be $11,010. The actual closing costs were 3.25% of the loan amount. Determine if the closing costs were higher or lower than the estimate and by what percent?
a.
higher by 0.25%
b.
higher by 0.5%
c.
lower by 0.25%
d.
lower by 0.5%


Please select the best answer from the choices provided

A
B
C
D