Answered

IDNLearn.com connects you with a community of experts ready to answer your questions. Our platform offers comprehensive and accurate responses to help you make informed decisions on any topic.

The lender quotes closing costs of $800 plus 2
points on a $610,000 loan. How much will the
borrower have to pay?

Sagot :

Abiolataiwo2015idn

Based on the information the amount that the borrower have to pay is $13,000.

2 points represent 2% of the loan amount of $610,000.

Now let calculate the amount to pay using this formula

Amount=(Loan amount× Loan amount percentage)+ Closing costs

Where:

Loan amount=$610,000

Loan amount percentage=2%

Closing costs=$800

Let plug in the formula

Amount=($610,000 x 2%) + $800

Amount= $12,200 + $800

Amount=$13,000

Inconclusion the amount that the borrower have to pay is $13,000.

Learn more about loan here:https://brainly.com/question/25696681

Thank you for using this platform to share and learn. Don't hesitate to keep asking and answering. We value every contribution you make. IDNLearn.com provides the best answers to your questions. Thank you for visiting, and come back soon for more helpful information.