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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?
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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?

User Hossein Yousefi
by
5.9k points

2 Answers

2 votes

Answer: a) $3,500

Explanation:

I got it right

User Aleksandr Panzin
by
6.0k points
2 votes
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
User Zuzlx
by
6.8k points
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