Real Estate Math

A NJ lender charges 2 discount points on a $380,000 mortgage. What is the total dollar cost of the points?

A$3,800

B$7,600✓ Correct

C$11,400

D$19,000

Explanation

1 point = 1% of the loan amount. 2 points = 2% × $380,000 = $7,600.

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