A borrower needs $300,000 in cash to purchase a residential property. The lender offers this borrower a 30-year FRM at 4% with 3 points. The lender also alternatively offers the borrower a 30-year FRM loan for $300,000 and no points with a rate of 4.75%. 

What is the difference in required monthly payments between these two loans? (Round to the nearest cent.)

Answer rating: 100% (QA)

First option of loan is a 30 year FRM at 4 with 3 points it the borrower has to pay mean 3 fee to ge... View the full answer