Finance
A buyer pays $315,000 for a home with a 10% down payment. The lender charges a 1% origination fee. What is the dollar amount of the origination fee?
A$3,150
B$2,835✓ Correct
C$315
D$31,500
Explanation
Down payment = $315,000 × 10% = $31,500. Loan amount = $315,000 − $31,500 = $283,500.
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