Evan is borrowing $130,000 to buy a home priced at $144,500, and wants to do a permanent buy-down on his interest rate. His loan officer informs him the buy-down will cost 3 1/2 points to reduce his rate from 5 1/2% to 5%.
How much will Evan have to pay at closing to do the buy-down?
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Nevermind, I figured it out.
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