Mathematics
samantha1995
2016-04-13 16:26:27
Todd Foley is applying for a $100,000 mortgage. He can get a $600 monthly payment for principal and interest and no points, or a $520 monthly payment with 2 points? How many months will it take Todd to cover the cost of the discount points if he takes the lower monthly payment?
ANSWERS
meka76
2016-04-13 19:53:20

Number of months (0.02×100,000)÷(600−520) =25 months

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