Real Estate Math
A home sold for $355,000 and the buyer made a 20% down payment. The lender charges an origination fee of 1% plus a $495 appraisal fee. What is the total loan origination cost?
A$2,835
B$3,335✓ Correct
C$3,540
D$4,035
Explanation
Loan amount = $355,000 × 80% = $284,000. Origination fee = $284,000 × 1% = $2,840. Total = $2,840 + $495 = $3,335.
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