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3 years ago

Jake and Janet are required to pay 4 points on the $80,000 loan they are getting. What will they have to pay the lender?

Business

1 answer:

e-lub [12.9K]3 years ago

6 0

Answer:

$3,200

Explanation:

Data provided in the question:

Points to be paid to lender = 4 points

Amount of loan Jake and Janet are getting = $80,000

Now,

1 point mean 1 percent of the amount borrowed to be paid to the lender

Therefore,

For 4 points

Amount to be paid to the lender will be

= 4% × $80,000

= 0.04 × $80,000

= $3,200

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