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Sharkbait

  • 2 years ago

Megan Mei is charged 2 points on a $120,000 loan at time of closing. The original price of the home before the down payment was $140,000. The points in dollars cost Megan: a)$2,400b)$2,800c)$4,200d)$8,200e)None of these

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  1. slaaibak
    • 2 years ago
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    I'm not sure what you mean by "charged 2 points"

  2. Sharkbait
    • 2 years ago
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    it means 2% of the mortgage.

  3. Sharkbait
    • 2 years ago
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    I don't know if it is off the 120,000 or the 140,000?

  4. slaaibak
    • 2 years ago
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    Well, I'd say it's on the 120 000, since the sentence says "2 points on a $120,000 loan" So I'd go with 2400

  5. Sharkbait
    • 2 years ago
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    Thanks. how do you get points for helping me?

  6. slaaibak
    • 2 years ago
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    I don't think I do

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