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Is the Following Statement True or False? If You Obtain 4.5%+34 point +$1004.5 \% + \frac { 3 } { 4 } \text { point } + \$ 100

Question 230

True/False

Is the following statement true or false? If you obtain a quotation for a home costing $360,000, obtain a 30-year loan at 4.5%+34 point +$1004.5 \% + \frac { 3 } { 4 } \text { point } + \$ 100 , and make a 10% down payment, you can find the comparison rate as follows:  COMPARISON RATE =4.5+0.125(0.75+100324,000)4.59%\text { COMPARISON RATE } = 4.5 + 0.125 \left( 0.75 + \frac { 100 } { 324,000 } \right) \approx 4.59 \%

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