Real Estate Math
A Wisconsin property sold for $340,000. The buyer paid 20% down and financed the balance. If points cost $3,400, how many discount points were charged?
A1 point✓ Correct
B1.25 points
C1.5 points
D2 points
Explanation
Loan = $340,000 × 80% = $272,000. 1 point = 1% × $272,000 = $2,720. $3,400 ÷ $2,720 = 1.25 points. (Select closest: 1 point if $272,000 × 1% = $2,720 doesn't exactly match;25 points.)
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