Jack is buying a condominium that sells for $140000. The bank is requiring a minimum down payment of 20%. To obtain a 20 year mortgage at 8% interest, Jack must pay 2 points at the time of closing. What is the cost of the 2 points on the mortgage?

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03-11-2022
Mathematics

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Jack is buying a condominium that sells for $140000. The bank is requiring a minimum down payment of 20%. To obtain a 20 year mortgage at 8% interest, Jack must pay 2 points at the time of closing. What is the cost of the 2 points on the mortgage?

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