Question: Bob Coffey is applying for a $200,000 mortgage. He can get a $1,000 monthly payment for principal and interest and no points, or a $800

Bob Coffey is applying for a $200,000 mortgage. He can get a $1,000 monthly payment for principal and interest and no points, or a $800 monthly payment with 2 points?

How many months will it take Bob to cover the cost of the discount points if he takes the lower monthly payment?

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