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A "point" is 1% of your borrowed amount on a mortgage. You want to pay 2 points to get a 0.5% reduction in your interest rate on a $175,000 mortgage. How much will you…
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A "point" is 1% of your borrowed amount on a mortgage. You want to pay 2 points to get a 0.5% reduction in your interest rate on a $175,000 mortgage. How much will you…
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Nov 6, 2018
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A "point" is 1% of your borrowed amount on a mortgage. You want to pay 2 points to get a 0.5% reduction in your interest rate on a $175,000 mortgage. How much will you pay in points?
Mathematics
high-school
Hossein Yousefi
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Answer: a) $3,500
Explanation:
I got it right
Aleksandr Panzin
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Nov 8, 2018
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Aleksandr Panzin
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Hi there:)
One point is 1%
Two points 2%
You want to pay two points so
175,000×0.02=3,500 ....answer
Hope it helps
Zuzlx
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Nov 11, 2018
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Zuzlx
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