Becca is financing a house for $125,250. She has to pay $425 plus 1.25% for a brokerage fee.
How much are the mortgage brokerage fees?
$1,990.63
$3,556.25
$581.56
$1,565.63
My answer is a
Fee = (0.0125)*(125250) + 425
= 1565.625 + 425
= 1990.63
Yes, a is correct.
To calculate the mortgage brokerage fees, we need to first find 1.25% of the house financing amount, which is $125,250.
1.25% of $125,250 = ($125,250 * 1.25)/100 = $1,565.63
Therefore, the correct answer is $1,565.63.