Question

A mortgage broker charges $4000 plus 1.8% of the mortgage amount. What is the mortgage broker fee for a $309,000 mortgage?

Answer 1

The mortgage broker fee for a $309,000 mortgage is calculated by multiplying the mortgage amount by 1.8% and then adding a fixed charge of $4000, resulting in a total fee of $9,562.

Step-by-step explanation:

The mortgage broker fee for a $309,000 mortgage can be calculated by taking 1.8% of the mortgage amount and adding the fixed charge of $4000. To find 1.8% of $309,000, we multiply 0.018 by 309,000.

0.018 \( \times \) $309,000 = $5,562.

Then we add the fixed charge:

$5,562 + $4,000 = $9,562.

So, the mortgage broker fee for a $309,000 mortgage is $9,562.

Answer 2

The answer is 9,562. Thank you very much.