Real Estate Math

A Delaware buyer pays $3,500 in discount points on a $350,000 mortgage. How many points did the buyer pay?

A0.5 points

B1 point✓ Correct

C1.5 points

D2 points

Explanation

Points paid = Dollar Amount ÷ (1% of Loan) = $3,500 ÷ $3,500 per point = 1 point. One point = 1% of $350,000 = $3,500.

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