Real Estate Math
A Charleston, WV homeowner refinances their $200,000 mortgage. The lender charges 1.5 points and a $1,200 origination fee. What are the total upfront costs for these two items?
A$3,000
B$4,200✓ Correct
C$2,400
D$1,200
Explanation
Points = 1.5% x $200,000 = $3,000. Total costs = $3,000 + $1,200 = $4,200. Using the values given ($200,000, $1,200), apply the appropriate formula.. The correct answer is $4,200.. This is a common calculation on the West Virginia real estate exam.
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