The Smith’s bank will charge them 3 points for a $320000 mortgage.
What is the amount of money they will pay for the points?
To find the amount of money the Smiths will pay for the points on their mortgage, we need to calculate 3% of the mortgage amount.
Step 1: Convert the percentage to a decimal. In this case, 3% can be written as 0.03.
Step 2: Multiply the decimal by the mortgage amount. The mortgage amount is $320,000.
0.03 * $320,000 = $9,600
Therefore, the Smiths will pay $9,600 for the points on their mortgage.