Barry and Bernice have obtained a 30-year, fixed rate mortgage for $635,250 with a 7.35% interest rate. They purchased 2 points

Question

3 years ago

8

Barry and Bernice have obtained a 30-year, fixed rate mortgage for $635,250 with a 7.35% interest rate. They purchased 2 points

and their rate is now 6.925%. Factoring in the cost of points, when is the break-even point on their mortgage?
2 years, 11 months

3 years, 11 months

5 years, 10 months

2 years, 4 months

Mathematics

1 answer:

Elena-2011 [213] · Answer 1 · 2022-09-15T16:42:00+03:00

Elena-2011 [213]3 years ago

8 0

Answer: C

Explanation