Real Estate Math
A Mississippi property buyer pays $240,000 for a home. The lender requires a 20% down payment and charges 1.5 points. How much are the points in dollars?
A$3,600
B$2,880✓ Correct
C$1,920
D$4,800
Explanation
Loan amount = $240,000 × 80% = $192,000. Points = $192,000 × 1.5% = $2,880. To solve this, multiply the relevant values: $240,000 at 20%.. The correct answer is $2,880.. This is a common calculation on the Mississippi real estate exam.
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