Neil's bank offered him a 4.95% interest rate for his mortgage. If he
purchases 3 points, what will his new rate be?
O A. 0.375%
O B. 4.575%
C. 1.75%
O D. 4.375%

Answers

Answer 1
I honestly think it’s C
Answer 2

Neil's new interest rate after purchasing 3 points would be 7. 95%. The closest option is B. 4.575%.

How to calculate the interest rate?

To calculate the new interest rate after purchasing points, we need to know the cost of one point and the number of points purchased.

One point typically costs 1% of the mortgage amount, so three points would cost 3% of the mortgage amount. The cost of the points is usually paid upfront at closing.

Assuming Neil's mortgage amount is $100,000, the cost of 3 points would be:

3% x $100,000 = $3,000

To calculate the new interest rate, we need to add the cost of the points to the original interest rate and then recalculate it as a percentage:

New rate = Original rate + (Cost of points / Mortgage amount)

New rate = 4.95% + ($3,000 / $100,000)

New rate = 4.95% + 3%

New rate = 7.95%

So, Neil's new interest rate after purchasing 3 points would be 7. 95%. The closest option is B. 4.575%.

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Answer:

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Step-by-step explanation:

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Step-by-step explanation:

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Answers

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