Real Estate Math
A buyer purchases a home for $310,000. The lender requires a 5% down payment. The buyer also pays 1.5 discount points. What is the total amount the buyer pays in points?
A$4,417.50✓ Correct
B$4,650.00
C$4,500.00
D$3,100.00
Explanation
Loan amount = $310,000 − (5% × $310,000) = $310,000 − $15,500 = $294,500. Points = 1.5% × $294,500 = $4,417.50.
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