Use estimation to select the best response. Do not calculate. A $147,000 30-year loan at 10% + 2 points + $100 would have a fee for points of approximately __________.
A) $850
B) $3,000
C) $10,000
D) $2,100
E) $14,700

Question

Quizplus · Accepted Answer

Points are calculated as a percentage of the total loan amount. 2 points on a $147,000 loan would be 2% of $147,000, which is approximately $3,000.

Use Estimation to Select the Best Response