Without buying points, a monthly mortgage payment will be $958. buying 1 point at closing would reduce the payment to $948.75. if each point costs $1000.00, rounded to the nearest year, how long would it take to break even by buying 1 point

It would take to broke even by buying point.

Further explanation

Given:

A Monthly mortgage payment will be without buying points and monthly mortgage payment will be reducing to buying point.

This implies that the monthly mortgage payment decreases by buying point.

Subtract from .

From the above calculation it is concluded that after buying point the monthly mortgage payment reduces by .  

The amount by which the yearly mortgage payment decreases is calculated as follows:

It is given that the cost of point is .

The required number of years to break even by buying point is calculated as follows:

Therefore, it would take to break even by buying point.

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Answer details:

Grade: Middle school

Subject: Mathematics

Chapter: Ratio and proportion

Keywords: Monthly payment, buying points, ratio, proportion, real numbers, integers, rational numbers, interest, marginal cost, revenue cost, selling price, cost price, percentage .

c. 9 years

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