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wally bee purchased a home for $600,000 with a $150,000 down oayment. he financed the remainder with a 6% mortgage for 30 years. wallys bank

wally bee purchased a home for $600,000 with a $150,000 down oayment. he financed the remainder with a 6% mortgage for 30 years. wallys bank has offered to lower the 6% interest rate on his 30 year loan to 5.50%. if wally will pay 1 7/8 points. what will the points cost wally?

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