Justin lowery is buying a condominium that sells for $ 150,000. the bank is requiring a minimum down payment of 18%. to obtain a 20-year mortgage at 9.5% interest, justin must pay 2 point(s) at the time of closing. what is the cost of the 2 point(s) on the mortgage?

$123,000

Explanation:

Data provided in the question:

Selling cost of the condominium = $150,000

Minimum down-payment required = 18%

Interest rate on mortgage = 9.5%

Now,

Cost of mortgage

= Selling cost of the condominium - Minimum down-payment required

or

= $150,000 - ( 18% of $150,000 )

or

= $150,000 - $27,000

or

= $123,000

answer; i believe that the correct answer is (product

disadvantages of leasing a vehicle: no vehicle equity and mileage limitations

disadvantages of purchasing a vehicle: large down payment and vehicle depreciation

#plato4lyfe