Question
On March 31, year 1, Mary borrowed $310,000 to buy her principal residence. Mary paid 2 points to reduce her interest rate from 8 percent
On March 31, year 1, Mary borrowed $310,000 to buy her principal residence. Mary paid 2 points to reduce her interest rate from 8 percent to 7 percent. The loan is for a 30-year period. What is Mary's year 1 deduction for her points paid?
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Strategies For Monetary Policy
Authors: John H. Cochrane, John B. Taylor
1st Edition
0817923748, 978-0817923747
