178k views
3 votes
A lender is charging 2.75 points on a $275,000 loan. The borrower must therefore pay the lender an advance amount of $11,000. $6,188. $7,563. $2,750.

User Jrovegno
by
8.7k points

1 Answer

3 votes

Given that lender is charging 2.75 points for given amount so we multiply $275000 with 2.75/100

Multiplying both gives 275000* 2.75/100 = 275000* 0.0275 = 7562.5

Which is approx $7563.

Hence $7563 is the correct answer.

User Sashkins
by
9.4k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories