Question

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Answer 1

After putting 20% down on her $140,000 house, Esmeralda will be borrowing $112,000. The price of 2 points on that loan amount is 2%×$112,000 = $2,240. If Esmeralda applies that amount to the down payment, her loan amount will be $109,760 and her payment will be ...
  A = P*(r/n)/(1 -(1 +r/n)^(-nt))
  A = 109,760*(.0575/12)/(1 -(1 +.0575/12)^-360)
  A = 640.53

Esmeralda's monthly payment will be about $641.