Real Estate Math
A property sells for $410,000. The buyer's loan requires 20% down. The recording fee is $500 and the origination fee is 1%. What is the total cash needed at closing (down payment + origination fee + recording fee)?
A$85,780✓ Correct
B$86,780
C$82,000
D$85,280
Explanation
Down payment = $410,000 × 20% = $82,000. Loan = $328,000.
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