Toni purchased 3 points, each of which reduced her APR by 0.125%. Each point cost 1% of

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Toni purchased 3 points, each of which reduced her APR by 0.125%. Each point cost 1% of her loan value. Her new APR is 3.2%, and the points cost her $8,100.

a. What was the original APR?

b. What is her principal?

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Financial Algebra Advanced Algebra With Financial Applications

ISBN: 9781337271790

2nd Edition

Authors: Robert Gerver, Richard J. Sgroi

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Question Posted: Sep 19, 2022 03:20 AM

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Toni purchased 3 points, each of which reduced her APR by 0.125%. Each point cost 1% of

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Financial Algebra Advanced Algebra With Financial Applications

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