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Naomi is working with her mortgage lender on the terms of her new $100,000 30-year, fixed-rate ...

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Naomi is working with her mortgage lender on the terms of her new $100,000 30-year, fixed-rate ...

Naomi is working with her mortgage lender on the terms of her new $100,000 30-year, fixed-rate mortgage. The lender offers a rate of 4.5% APR with no points (monthly payment $506) and 4.25% with one point (monthly payment $492). If Naomi plans to live in the house for 5 years, does it make sense for her to pay the point?

▸ No, 6 years is breakeven.

▸ Yes, 7 months is breakeven.

▸ Yes, 6 months is breakeven.

▸ No, 7.1 years is breakeven.

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Edition: 2^nd

Author: Bajtelsmit

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sherry94

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More solutions for this book are available here

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westleafs Author

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Thanks

byehoe

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Good timing, thanks!

aznzergs

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This helped my grade so much Perfect

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