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You are considering obtaining a mortgage of​ $220,000. A lower APR is​ available, but you must pay 2 points to buy the rate down. How much must you pay in​ dollars?

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danialamin

Answer:

You will pay $4400 to have a lower APR.

Explanation:

A point is given as 1% of the mortgage value which is as

Point is given as

[tex]P=1\% \$220,000\\P=0.01* \$220,000\\P= \$2200\\[/tex]

So as you have to pay 2 points which is given as 2*$2200=$4400

So you will pay $4400 to have a lower APR.

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