Question

The lender quotes closing costs of $800 plus 2

Answer 1

Based on the information the amount that the borrower have to pay is $13,000.

2 points represent 2% of the loan amount of $610,000.

Now let calculate the amount to pay using this formula

Amount=(Loan amount× Loan amount percentage)+ Closing costs

Where:

Loan amount=$610,000

Loan amount percentage=2%

Closing costs=$800

Let plug in the formula

Amount=($610,000 x 2%) + $800

Amount= $12,200 + $800

Amount=$13,000

Inconclusion the amount that the borrower have to pay is $13,000.

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