Marcie's monthly mortgage payment will be $693 if she decides to apply the price of 2 points to her down payment instead.
Purchasing points are the discounts that you incur by paying off interest in advance.
By applying 2 purchasing points to the down payment, the down payment will total $35,200, instead of $32,000.
Home Price = $160,000
Down Payment = $35,200 ($160,000 x 20% + $3,200)
Loan Term = 30 years
Interest Rate = 5.25%
Monthly Pay: $693
House Price = $160,000
Loan Amount = $124,800 ($160,000 - $35,200)
Down Payment = $35,200 ($160,000 x 22%)
Total of 360 Mortgage Payments $249,480 ($693 x 360 months)
Total Interest = $124,680 ($249,480 - $124,800)
Thus, Marcie's monthly mortgage payment will be $693 if she decides to apply the price of 2 points to her down payment instead.
Learn more about purchasing points for mortgage payments at https://brainly.com/question/1408162
#SPJ2
