A lender is charging 2.75 points on a $275,000 loan. The borrower must therefore pay the lender an advance amount of $11,000? $6 ,188? $7,563? $2,750?
2 answers:
A "point" is 1%, so the amount the lender is charging is
It says lender is charging 2.75 points on a loan of $275,000.
we know that
1 point = 1%
So 2.75 points = 2.75 %
It means we have to find 2.75% of $275,000
or 2.75% * 275,000
or 0,0275 * 275,000
= 7562.5
≈ $7563
Hence , the borrower must therefore pay the lender an advance amount of $7563.
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10% more = 110% of the number.
110% of the number = 132
100% of the number = 132 * (10/11) = 120.
The number is 120.
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