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10-06-2020
Mathematics

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Justin Lowery is buying a condominium that sells for $ 120 comma 000. The bank is requiring a minimum down payment of 10%. To obtain a 20-year mortgage at 8.5% interest, Justin must pay 1 point(s) at the time of closing. What is the cost of the 1 point(s) on the mortgage?

Respuesta :

faraziz faraziz

10-06-2020

Answer:

$10.25

Step-by-step explanation:

95/.1=9.5

9.5*9=85.5

85.5/8

=10.25

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