Real Estate Math
A property sold for $385,000. The buyer made a 10% down payment. The lender charges a 1% origination fee. What is the origination fee?
A$3,465✓ Correct
B$3,850
C$38,500
D$4,200
Explanation
Loan amount = $385,000 × 90% = $346,500. Origination fee = $346,500 × 1% = $3,465.
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