Question

Nell's mortgage is $50,150 at 10 percent for 30 years. What is her monthly payment if she must pay 8.78 points per $1,000? (Points : 1)

$440.32
$439
$422.95
$385.89

Answer 1

I actually don't know the actual computation. I used a mortgage points calculator and inputted the data given.

The monthly payment given based on its computation was $440.10. The closest answer is 440.32.

The difference in decimal point is due to the rounding off of 8.78 points to 8.8 points in the calculator.