Clarrisa Madison purchases a home and secures a loan of $220,000. The bank charges a fee of 2.27 points. Find the charge for points.

Sure, here are the steps to find the charge for points:

1. Understand that a "point" in a mortgage context is a fee charged by the lender, where 1 point equals 1% of the loan amount.

2. In this case, the bank is charging a fee of 2.27 points. To find the actual charge, we need to convert this percentage to a decimal. So, 2.27 points is equivalent to 2.27%.

3. Now, we need to calculate 2.27% of the loan amount, which is $220,000.

4. To do this, multiply the loan amount by the percentage (in decimal form). So, $220,000 * 0.0227.

5. The result is the charge for points.

Let's do the calculation:

$220,000 * 0.0227 =$4,994

So, the charge for points is $4,994.