You are purchasing a house for $100,000 and need a loan for the entire amount. Your APR is 7%, and the payment term is
You are purchasing a house for $100,000 and need a loan for the entire amount. Your APR is 7%, and the payment term is 30 years. Your monthly payment is $665. If you purchase four points, your new monthly payment is $599. How many months does it take to break even on the cost of the mortgage points? (Round your answer up to the next month. Example: 2.4 months = 3 months). 58 months 59 months 60 months 61 months
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Authors: Jeff Bennett, Bill Briggs, Mario F. Triola
4th edition
978-0321817747, 321817745, 978-0321890139, 321890132, 321817621, 978-0321817624
