Review the points versus no points chart to answer the question:
Loan Terms Example 1 (No Points) Example 2 (One Point)
Loan Principal (after down payment) $292,670.00 $292,670.00
APR: fixed 4.1% 3.85%
Discount Points No points 1 point = $2,927.00
Total Interest over 30-Year Term $216,370.00 $201,250.00
Calculate the percent increase of total interest paid between purchasing one point and purchasing no points. Round the final answer to the nearest tenth.
6.0%
6.9%
8.9%
9.2%
