Real Estate Math
A Kentucky property sells for $340,000. The buyer puts 5% down and gets a 30-year loan. The loan origination fee is 1.5%. What is the origination fee amount?
A$4,845✓ Correct
B$5,100
C$5,355
D$6,120
Explanation
Loan amount = $340,000 × 95% = $323,000. Origination fee = $323,000 × 1.5% = $4,845. To solve this, multiply the relevant values: $340,000 at 5%.. The correct answer is $4,845.. This is a common calculation on the Kentucky real estate exam.
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