Question

Which of the following is not true about a loan discount point?

a. A point is purchased at the time of closing.
b. A point is purchased for 1% of the loan amount.
c. A point reduces the interest rate by 1%.
d. A point bought will reduce the monthly mortgage payment.

Answer 1

C: A point reduces the interest rate by 1%

Step-by-step explanation:

Got it right on edge. Have a good day!

Answer 2

e awnser would be  C a point reduces the interest by 1%