How much will jane total financing charges be

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Reference no: EM132050706

1. A customer is seeking a $150,000 home mortgage. The bank requires the customer to pay 1¾ points up front. How much of the loan amount will actually be available to the customer if the bank approves the loan?

A. $150,000

B. $152,625

C. $147,375

D. $148,000

E. None of the options is correct

2. Jane Smith has asked for a 30 year mortgage (repayable in monthly installments) to purchase a home in Oklahoma City, Oklahoma. The purchase price of the home is $150,000 of which $125,000 must be borrowed. If the APR on this loan is 8 percent, how much will Jane's total financing charges be?

A. $246,233

B. $205,194

C. $180,194

D. $165,097

E. None of the options is correct

Reference no: EM132050706

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