Tim gets a 80% loan on a $100,000 property and is charged a 1 point origination fee. He is also charged a $35 credit report fee and a $450 appraisal. How much must Tim come to settlement with to then close the deal? (math question)

(a) $21, 285
(b) $1,285
(c) $100,485
(d) $1,485

Answer: (a) $21, 285

Business

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