Question

Jerry is purchasing a condominium for $325,500 and has financed 90% of it. He has purchased
3 discount points, has to pay a 1.65% 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

might want to define what a fee is

Answer 2

Is there any answer choices?

Answer 3

$15,461.25
$16,293.64
$14,454.56
$15,317.13

Answer 4

fee's would be extra money on top of the purchase price that he needs to pay

Answer 5

9,765 in discount points
913.75 in brokerage fees

Answer 6

My Guess would be C

Answer 7

careful, you need to consider only the amount that you're financing

Answer 8

5370.75 origination fee

Answer 9

Yeah i would say C

Answer 10

i think so..
financing amount = 90% of $325,500

Answer 11

$292,950

Answer 12

Well i have to go!

Answer 13

you're purchasing 3 discount points, so you need to pay 3% of $292,950

yes ?

Answer 14

Yes

Answer 15

Applying fees to $292,950
$4,833.675 origination
$8,788.5 discount points
$832.375 Brokerage fee

Answer 16

Which sum up to $14,454.56

Answer 17

or Option C

Answer 18

Does that look good to you?

Answer 19

Looks good!

Answer 20

http://www.wolframalpha.com/input/?i=0.9*325500*%280.01*3+%2B+0.0165%2B0.0025%29+%2B+100