Question

Financial Algebra - Help with points!

A mortgage is in the amount of $600,000. The origination fee is 0.5%, the intangible tax is 0.2%, and there are 1.5 discount points. Which of the following is the total cost of the origination fee, intangible tax, and discount points?

$4,200

$9,000

$10,200

$13,200

Answer 1

9000

Answer 2

solve for the respective values of the given items to the least given value i:e, 6000000

Answer 3

I'm sorry, but I don't really understand how you got that lol

Answer 4

6000000$ * 0.5 = 3000000.... now 3000000 * 0.2 = 600000... and 600000 * 0.015 = 9000$... which is the net amount...

Answer 5

Oh okay, well thank you!

Answer 6

Think you could help me with another one?

Answer 7

pleasure...

Answer 8

will try

Answer 9

Marcia has a 25-year adjustable rate mortgage with a rate of 4.2% for the first 3 years. The monthly payment is $1,805.46. The amount of the mortgage is $335,000. What is the remaining balance after 3 years rounded to the nearest dollar?

$270,003

$292,822

$294,800

$310,761

Answer 10

option C...

Answer 11

did you use a formula?

Answer 12

no

Answer 13

solved like the first one...

Answer 14

Okay

Answer 15

Thank you very much!

Answer 16

pleasure...