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A building was sold for $115,000. Down payment in the amount of $15,000 was deposited in escrow, and the buyer obtained a new loan for the balance of the purchase price. The lender charged two discount points. What was the total amount charged to the buyer for points in this purchase?

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jepessoa

Answer:

$200

Explanation:

Since the buyer only made a $15,000 down payment, the remaining amount was $100,000.

The buyer's loan had to cover the remaining $100,000, and if the lender charged two discount points on the loan, it means that they charged 2% of the loan.

2% x $100,000 = $2,000.

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