Real Estate Math
A Maryland home is purchased for $280,000 with a 20% down payment. The buyer pays 1 origination point. How much is the origination fee?
A$2,240✓ Correct
B$2,800
C$3,360
D$4,200
Explanation
Loan = $280,000 × 80% = $224,000. 1 point = 1% × $224,000 = $2,240. To solve this, multiply the relevant values: $280,000 at 20%.. The correct answer is $2,240.. This is a common calculation on the Maryland real estate exam.
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