joooselinn375 joooselinn375
  • 02-07-2020
  • Mathematics
contestada

Kevin's bank offered him a 4.5% interest rate for his mortgage. If he purchases 3 points, what will be his new rate?

Respuesta :

abdulmajeedabiodunac abdulmajeedabiodunac
  • 07-07-2020

Answer:

The new rate would be  3.75%

Step-by-step explanation:

Purchasing a point simply implies negotiating for a lower rate of interest, which involves paying 1% of the loan in lieu of 1% interest reduction.

A point implies a reduction in interest rate by 0.25% while 3 points would reduce the interest rate by 0.75%(0.25%*3)

New interest rate=4.5%-0.75%=3.75%

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drakef777
drakef777 drakef777
  • 06-11-2020

Answer:

4.125%

Step-by-step explanation:

AP3X

Answer Link

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