How long must the owner stay in the house to make it worthwhile to pay the points if the payment saving is invested monthly?
A) 7.15 years
B) 3.33 years
C) 6.04 years
D) 5.90 years
E) More than 30 years $5,625 points cost = $79.40 payment savings*PVIFA (0.055/12, N) ; N = 85.85 months/12 = 7.15 years
Refer To: 07-22
Correct Answer:
Verified
Q16: The process of mortgage securitization results in
Q19: You purchase a $255,000 house and you
Q20: If a borrower makes a 20% down
Q21: Construct an amortization schedule for the first
Q24: A(n)_ is used to help retired people
Q24: If you will keep the mortgage for
Q25: Which of the following statements about mortgage
Q26: The FHA charges the homeowner _ to
Q30: With a fixed-rate mortgage,the _ bears the
Q31: Which one of the following entities is
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents