Real Estate Math
A Florida buyer puts 10% down on a $380,000 home and gets a mortgage for the balance. The lender charges 1% origination fee. What is the dollar amount of the origination fee?
A$3,420✓ Correct
B$3,800
C$380
D$34,200
Explanation
Loan amount = $380,000 × 90% = $342,000. Origination fee = $342,000 × 1% = $3,420.
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