Bob and mary are financing $180,500 for a new home. their lender will approve an interest rate of 5% if bob and mary pay two discount points at closing. Cost them is $3,610.
A discount point is 1% of the loan amount. Bob and Mary are paying two points (or 2% of $180,500), which is $3,610.
What is discount points?
- Discount points are a shape of paid ahead of time intrigued that contract borrowers can buy to lower the intrigued rate on their consequent month to month payments.
- Discount points are a one-time expense, paid up front either when a contract is to begin with orchestrated or amid a refinance.
- Each markdown point for the most part costs 1% of the overall credit and brings down the loan’s intrigued rate by one-eighth to one-quarter of a percent.
- Points don’t continuously got to be paid out of the buyer’s stash; they can some of the time be rolled into the advance adjust or paid by the vender.
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Answer:
$800 Debit.
Step by step explanation:
We have been given that the accounts receivable account has a total debit postings of 1900 and credit postings of 1100.
Since debit postings are more than credit postings, so the balance of the account will be debit.
Let us find how many debit postings will be in the balance of account by subtracting 1100 from 1900.
Therefore, the balance of the account is a $800 debit.
Answer:
The nominal interest rate which the bank will offer is of 10.24%
Explanation:
according to Irwin formula the bank will charge a nominal rate that ensures a real rate of 6% thus:
1.06*1.04-1 = 0.1024 = 10.24%
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