Question

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Answer 1

The decrease in the total interest paid is 17.37%

Using the parameters given for our Calculation;

• No point Interest = $451860
• Three points interest = $373380

The percentage decrease in interest paid can be calculated thus;

• (Difference in interest paid / No point interest paid ) × 100%

Now we have ;

[(451860 - 373380) / 451860] × 100%

= 0.17368 × 100%

= 17.37%

Therefore, the decrease in interest is by 17.37%