Real Estate Math
Points on a Wyoming mortgage loan: one point equals what percentage of the loan amount?
A0.1%
B0.5%
C1%✓ Correct
D10%
Explanation
One discount point equals 1% of the loan amount. Points are prepaid interest that may lower the interest rate. On a $200,000 loan, one point = $2,000. Buyers paying points are essentially buying down the interest rate.
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