Real Estate Math
A Wisconsin buyer puts 10% down on a $385,000 home. The lender charges 1.5 points for the loan. How much are the points?
A$4,866.25
B$5,197.50✓ Correct
C$5,500.00
D$5,775.00
Explanation
Loan amount = $385,000 × 90% = $346,500. Points = $346,500 × 1.
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