Real Estate Math
An Oklahoma homeowner pays 2 points on a $280,000 loan to reduce their interest rate. How much did they pay in points?
A$4,200
B$5,600✓ Correct
C$2,800
D$3,500
Explanation
Points = 2% of loan = $280,000 x 2% = $280,000 x 0.02 = $5,600. Using the values given ($280,000), apply the appropriate formula.. The correct answer is $5,600.. This is a common calculation on the Oklahoma real estate exam.
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