Respuesta :
It would take [tex]\boxed{\bf 9\text{\bf years}}[/tex] to broke even by buying [tex]1[/tex] point.
Further explanation
Given:
A Monthly mortgage payment will be [tex]\$958[/tex] without buying points and monthly mortgage payment will be reducing to [tex]\$948.75[/tex] buying [tex]1[/tex] point.
This implies that the monthly mortgage payment decreases by buying [tex]1[/tex] point.
Subtract [tex]\948.75[/tex] from [tex]\958[/tex].
[tex]\boxed{958-948.75=9.25}[/tex]
From the above calculation it is concluded that after buying [tex]1[/tex] point the monthly mortgage payment reduces by [tex]\$9.25[/tex].
The amount by which the yearly mortgage payment decreases is calculated as follows:
[tex]\boxed{12\times 9.25=111}[/tex]
It is given that the cost of [tex]1[/tex] point is [tex]\$1000[/tex].
The required number of years to break even by buying [tex]1[/tex] point is calculated as follows:
[tex]\fbox{\begin\\\ \begin{aligned}n&=\dfrac{1000}{111}\\&=9.009\\ &\approx9\end{aligned}\\\end{minispace}}[/tex]
Therefore, it would take [tex]\boxed{\bf 9\text{\bf years}}[/tex] to break even by buying [tex]1[/tex] point.
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Answer details:
Grade: Middle school
Subject: Mathematics
Chapter: Ratio and proportion
Keywords: Monthly payment, buying points, ratio, proportion, real numbers, integers, rational numbers, interest, marginal cost, revenue cost, selling price, cost price, percentage .
Answer:
c. 9 years
Step-by-step explanation:
just took test and got it right
