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The buyers paid $6,125\$6,125 for a 11 point origination fee and a 1.51.5 discount, what is the amount of their loan?

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Full solution

Q. The buyers paid $6,125\$6,125 for a 11 point origination fee and a 1.51.5 discount, what is the amount of their loan?
  1. Calculate total percentage: Calculate the total percentage paid by the buyers.\newline11 point origination fee = 1%1\%\newline1.5%1.5\% discount\newlineTotal percentage = 1%+1.5%=2.5%1\% + 1.5\% = 2.5\%
  2. Determine loan amount: Determine the loan amount based on the total fees paid. $6,125\$6,125 is 2.5%2.5\% of the loan amount. Loan amount = $6,125/0.025\$6,125 / 0.025

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