If a borrower must pay one point for a $90,000 loan, how much money must he or she pay?

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Multiple Choice

If a borrower must pay one point for a $90,000 loan, how much money must he or she pay?

Explanation:
One point means 1% of the loan amount. For a $90,000 loan, that cost is 0.01 × 90,000 = 900 dollars. So the borrower must pay $900 upfront.

One point means 1% of the loan amount. For a $90,000 loan, that cost is 0.01 × 90,000 = 900 dollars. So the borrower must pay $900 upfront.

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