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Lucy is financing $370,000 to purchase a house. How much money will she save over the life of a
30year, fixedrate loan by buying 3 points with a rate of 6.175% instead of not buying points with a rate of 6.55%?
$21,548.40
$14,364.84
$3,264.84
$32,648.40
 9 months ago
 9 months ago
Please Help! Lucy is financing $370,000 to purchase a house. How much money will she save over the life of a 30year, fixedrate loan by buying 3 points with a rate of 6.175% instead of not buying points with a rate of 6.55%? $21,548.40 $14,364.84 $3,264.84 $32,648.40
 9 months ago
 9 months ago

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whpalmer4Best ResponseYou've already chosen the best response.0
Figure out the monthly payment for each loan. Sum up 30 years of such payments (360 months). To the loan with points, add 3% of 370000. Find the difference between the two totals.
 9 months ago
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