The Smith’s bank will charge them 3 points for a $320000 mortgage.

Question

What is the amount of money they will pay for the points?

Answer 1

Each point costs 1% of the mortgage amount.

Multiply: $320,000 * 0.03 = ??

http://www.bankrate.com/brm/calsystem2/calculators/InterestVsPoints/default.aspx

Answer 2

Thanks