Real Estate Math
A buyer in New Mexico puts $20,000 down and pays 1 origination point on a $200,000 loan. What is the total upfront cost excluding down payment?
A$1,000
B$2,000✓ Correct
C$3,000
D$4,000
Explanation
1 point = 1% of loan amount = $200,000 × 0.01 = $2,000.
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