Real Estate Math
A buyer in Oklahoma pays $6,500 in discount points to reduce their interest rate. If one point equals 1% of the loan amount and the loan is $260,000, how many points did they buy?
A2.0 points
B2.5 points✓ Correct
C3.0 points
D1.5 points
Explanation
1 point = $260,000 x 1% = $2,600. Points purchased = $6,500 / $2,600 = 2.
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