Question

Will give medal for answer please!
Jakob is purchasing a condominium for $347,500 and has financed 90% of it. He has purchased
2 discount points, has to pay a 1.75% origination fee and a brokerage fee of $100 plus 0.25% of the loan. What are his total fees that he must pay?

Answer 1

90% of 347,500 = (.90)(347,500) = 312,750

25% of the loan = (.25)(312,750) = 78,187.50
brokerage fee -- $100

I am not sure about the origination fee...I THINK you are going to base it on the original price of the house....not the loan
In that case it would be 1.75% of 347,500 = (.0175)(347,500) =
6081.25

now add : 78,187.50 + 100 + 6081.25 = 84,368.75

I believe he will have to pay $ 84,368.75

Answer 2

did I do this right timo ?

Answer 3

lol no D:

Answer 4

really.....where did I mess up ?

Answer 5

no idea
still havent got it
but answers are between 10,000-14,000

Answer 6

wow....I am way off....

Answer 7

yeah.. lol c:

Answer 8

25% of the loan is (.0025)(312,750) = 781.875 rounded to 781.88 (I missed the decimal point in the .25% the first time I did it)
100 for broker
origination fee (.0175)(374,500) = 6081.25

781.88 + 100 + 6081.25 = 6963.13

ahhhhhh....I am going crazy.....now its too low

Answer 9

@johnweldon1993 ...what am I doing wrong....

Answer 10

Hmm that's a weird one...I was going to point out your mistake on the 25% thing...it being .0025

but other than that...I can't see an obvious mistake...let me do it out though...

Answer 11

This is terrible...I cannot figure this out -_-

Answer 12

it says he purchased 2 discount points.....what do they cost ? Does that even apply in this problem ?

Answer 13

That was the only other thing I was seeing...I don't see how those apply...is there anything missing from the question??

Answer 14

ahhhh he went offline

Answer 15

oh well......thanks again john......your the best

Answer 16

lol That's going to urk me now for the rest of the night lol...and no problem @texaschic101 ;)

Answer 17

Sorry laptop died.. but yeah that's the entire question

Answer 18

I don't know johnny.....I can't figure it out

Answer 19

its ok :/

Answer 20

do you happen to have time for one more? i think itll be a little easier

Answer 21

I can try

Answer 22

lol...cant make no promises

Answer 23

Jessica is financing a house for $128,750. She has to pay $350 plus 1.35% for a brokerage fee.
How much are the mortgage brokerage fees?

Answer 24

1.35% of 128,750
(.0135)(128,750) = 1738.125 rounded to 1738.13

Answer 25

.....+ 350 remember...

Answer 26

is that part of the brokerage fee ?

Answer 27

I would assume so....I don't see the purpose of adding it to the question if not lol

Answer 28

lol
here are the answers,
a. $4,856.25
b. $523.81
c. $1,738.13
d. $2,088.13

Answer 29

And of course both possible answers would be there -_- lol!

Answer 30

1738.13 + 350 = 2088.13

Answer 31

hm..

Answer 32

oh wait...both answers are there

Answer 33

Yeah that's what I mean @texaschic101 lol...argh terrible questions lol

Answer 34

lol

Answer 35

sorry im dropping all these questions on you guys

Answer 36

question says 350 + 1.35% for a brokerage fee......would you leave the 350 or add it....what do you think john ?

Answer 37

well. the 350 would have to go somewhere

Answer 38

im assuming its the 1738

Answer 39

Yeah see what I mean? It seems redundant to add it if it has NOTHING to do with the fee....so I would say add it...

Answer 40

then its gonna be the 2088.13 answer

Answer 41

sounds good

Answer 42

I'm thinking in terms of the first question

" brokerage fee of $100 plus 0.25% of the loan"

Just reworded a bit...

Answer 43

So yeah I would go with the 2088.13

Answer 44

alright last one.. i promise c: its like 12:49 am D: i just need 1 that i can get 100% right and i can go to bed :(

Answer 45

ok...one more.....its 11:49 here

Answer 46

Flint is purchasing a home for $115,750 and is financing 85% of it. The documentary stamp tax on the deed in his state is $0.70 per $100 or portion thereof. How much will he pay for the documentary stamp tax? Sorry T-T

Answer 47

(.85)(115,750) = 98,387.50

98,387.50/100 = 983.875 rounded to 983.88
983.88(.70) = 688.716 rounded to 688.72

Answer 48

ok! thank you guys for your help!

Answer 49

i really do appreciate it haha

Answer 50

was that one of your answer choices ?

Answer 51

yup

Answer 52

Oh wow didn't even realize you posted the last one there lol...good work @texaschic101 :)

Answer 53

finally....I got one right

Answer 54

haha g'night guys!

Answer 55

night night :)

Answer 56

night man