You are purchasing a house for $100,000 and need a loan for the entire amount. Your APR is 7%, and the payment term is 30 years. Your monthly payment is $665. If you purchase four points, your new monthly payment is $599. How many months does it take to break even on the cost of the mortgage points? (Round your answer up to the next month. Example: 2.4 months = 3 months). 58 months 59 months 60 months 61 months

You are purchasing a house for $100,000 and need a loan for the entire amount. Your APR is 7%, and the payment term is 30 years. Your monthly payment is $665. If you purchase four points, your new monthly payment is $599. How many months does it take to break even on the cost of the mortgage points? (Round your answer up to the next month. Example: 2.4 months = 3 months). 58 months 59 months 60 months 61 months

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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