Real Estate Math
A Texas buyer purchases a $375,000 home with a 10% down payment. The lender charges 1.5 points. What is the total cost of the points?
A$5,063✓ Correct
B$5,250
C$5,625
D$6,000
Explanation
Loan amount = $375,000 × 0.90 = $337,500. Points cost = $337,500 × 0.015 = $5,062.50 ≈ $5,063.
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