Real Estate Math
A NJ buyer pays $12,000 in mortgage points and $3,500 in other loan origination fees on a $600,000 loan. What is the total loan cost as a percentage of the loan amount?
A2.00%
B2.58%✓ Correct
C3.00%
D1.75%
Explanation
Total upfront loan costs = $12,000 + $3,500 = $15,500. Percentage = $15,500 ÷ $600,000 = 2.
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