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Similar decision-making process when buying assets

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Reference no: EM133147638

Corporations and people go through a similar decision-making process when buying assets.

In this case, you are buying a house and your mortgage company/bank offers to "let" you buy a "point" (1% of the loan amount) to reduce your APR from 6.5% to 6.25% on your $400,000, 30-year mortgage.

Explain when you would/should buy the point and when you would/should not buy the point for the three scenarios below if:

A. You plan to be in the house for less than 5 years?

B. You plan to be in the house for 5 -15 years?

C. You plan on this being your "forever" home? This means you have the mortgage for the full 30 years.

Reference no: EM133147638

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