Respuesta :
Answer:
Yes, she can afford to refinance and still have $360 left.
Step-by-step explanation:
Loan amount obtainable = $240,000 * 80% = $192,000
2 points = 0.02
Points charge = Loan amount obtainable * 0.02 = $192,000 * 0.02 = $3,840
Total closing costs = Points charge + lender quoted closing cost = $3,840 + 800 = $4,640
Amount left after paying the total closing cost = $5,000 - $4,640 = $360
Therefore, Annika can afford to refinance and still have $360 left.
Answer:
Yes, Annika can afford to refinance.
Step-by-step explanation:
Given that the loan amount obtainable is 80% of $240,000
= $240,000 × 0.8 = $192,000
She has 2 points = 0.02
Points charge = Loan amount obtainable × 0.02 = $192,000 × 0.02 = $3,840
Total closing costs = Points charge + lender quoted closing cost = $3,840 + $800 = $4,640
Amount left after paying the total closing cost = $5,000 - $4,640 = $360
We conclude that Annika will have $360 left after the refinance
