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math

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the price of a home is 120000 the bank requires a 10% down payment and 2 points at the time of closing the cost of the home is financed with a 30 year 8.5% how much must be paid for the 2 points at closing and how do I figure that amount

  • math -

    Dn payment = 0.1*12000 = $12,000

    Po = 120,000-12,000 = $108,000 =
    Amt. Financed.

    2 points = 2% of loan amt(Po).
    2 Points = 0.02 * Po=.02 * 108000=$2160.

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