Without buying points, a monthly mortgage payment will be $1,250. buying 1 point at closing would reduce the payment to $1,236. to the nearest year, how long would it take to break even by buying 1 point, with a $100,000 mortgage? a. 5 years b. 6 years c. 7 years d. 8 years

Option C - 7 years

Step-by-step explanation:

Given : Without buying points, a monthly mortgage payment will be $1,250. Buying 1 point at closing would reduce the payment to $1,236.

To find : How long would it take to break even by buying 1 point, with a $100,000 mortgage?

Solution :

Let x be the number of break even points.

A monthly payment $1,250 reduces to $1,236 by

i.e,

Number of break even points is 89.28.

To find how long it break divide it by 12

Approximately between 7- 8 years.

or 7 years it take to break even by buying 1 point.

Therefore, Option C is correct.

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