Bill Moore took out an 80000 mortgage on a ski chalet The ba

Bill Moore took out an $80,000 mortgage on a ski chalet. The bank charged 4 points at closing. The points in dollars cost Bill:

$800

$3,200

$2,400

$1,600

None of these

Business Math 149

Solution

Mortgage on ski chalet = $80000

Charge by Bank at closing ( in Points) = 4

The points in dollars cost Bill is $ 80000 * 0.04 = $ 3,200