You have recently taken out a loan for a new home. You place 10% down and finance the remaining balance. As part of the closing cost, you are required to pay 2.5 points. Determine the amount of the loan prior to the addition of the 2.5 points to the loan if the final loan amount was for $151,625. Round your answer to the nearest cent.

a.
$149,384.24
c.
$147,926.83
b.
$148,651.96
d.
$147,208.74

Question

You have recently taken out a loan for a new home. You place 10% down and finance the remaining balance. As part of the closing cost, you are required to pay 2.5 points. Determine the amount of the loan prior to the addition of the 2.5 points to the loan if the final loan amount was for $151,625. Round your answer to the nearest cent.

a.
$149,384.24
c.
$147,926.83
b.
$148,651.96
d.
$147,208.74

jhonyy9 · Answer

any idea ? what mean this 10% ?