Question

Jason is purchasing a condominium for 336,500 and has financed 90% of it. He has purchased 2 discount points, has to pay 1.95% origination fee and a brokerage fee of 100$ plus .30% of the loan. What are his total fees that he must pay

Answer 1

Total fees = 1.95% of 336,500 + $100 + 0.3% of 10% of 336,500 = (0.0195 x 336,500) + $100 + (0.003 x 0.1 x 336,500) = 6,561.75 + 100 + 100.95 = $6,762.70