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Upon graduation with a financial planning major from John Carroll University, you are hired as a financial planner in a wealth management firm in Beachwood.

Upon graduation with a financial planning major from John Carroll University, you are hired as a financial planner in a wealth management firm in Beachwood. You have a bigger dream, so you plan to stay in the first company about 4 years. Your dream house in Beachwood is worth $300,000 and you plan to pay down 20%. You need to apply a mortgage. Your bank provides two options to you. Option 1 is 30-year mortgage with 0 points at APR of 6%. Option 2 is 30-year mortgage with 2 points at APR of 5.5%.
How much is 2 points in dollar amount?
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