Thinking Mathematically (6th Edition)

Published by Pearson
ISBN 10: 0321867327
ISBN 13: 978-0-32186-732-2

Chapter 8 - Personal Finance - Chapter 8 Test - Page 573: 22

Answer

\[\$2,160\]

Work Step by Step

Compute the cost of two points at closing as shown below: \[\begin{align} & \text{Cost of two points at closing}=\text{Amount of mortgage}\times \text{Percent of points at closing} \\ & =\$108,000\times2percent\\&=\$108,000\times0.02\\&=\$2,160\end{align}\] Hence, cost of two points at closing is\[\$2,160\].
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.