You have recently taken out a loan for a new home. You place 10% down and finance the remaining balance. As part of the closing cost, you are required to pay 2.5 points. Determine the amount of the loan prior to the addition of the 2.5 points to the loan if the final loan amount was for $151,625. Round your answer to the nearest cent.

You have recently taken out a loan for a new home. You place 10% down and finance the remaining balance. As part of the closing cost, you are required to pay 2.5 points. Determine the amount of the loan prior to the addition of the 2.5 points to the loan if the final loan amount was for $151,625. Round your answer to the nearest cent.

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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