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.
Question
Solution 1
Sure, here are the steps to find the charge for points:
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Understand that a "point" in a mortgage context is a fee charged by the lender, where 1 point equals 1% of the loan amount.
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In this case, the bank is charging a fee of 2.27 points. To find the actual charge, we need to convert this per Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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