Real Estate Math (alternative)
A Maryland buyer obtains a $240,000 mortgage. The origination fee is 1%. The fee is:
A$1,020
B$2,040✓ Correct
C$3,600
D$4,080
Explanation
Origination fee = 1% × $240,000 = $2,400. To solve this, multiply the relevant values: $240,000 at 1%.. The correct answer is $2,040.. This is a common calculation on the Maryland real estate exam.
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