1. Suppose that a lender gives you a choice between the following two 25-year mortgages of $175,000:...
Question:
Mortgage A: 6.3% interest compounded monthly, with three points, monthly payment of $1159.84
Mortgage B: 6.5% interest compounded monthly, with two points, monthly payment of $1181.61
Assuming that you can invest money at 2.4% interest compounded monthly, determine the length of time that you must retain the mortgage in order for mortgage A to be the better choice.
2. Suppose that a lender gives you a choice between the following two 15-year mortgages of $250,000:
Mortgage A: 6.5% interest compounded monthly, with one point, monthly payment of $2177.77
Mortgage B: 6.1% interest compounded monthly, with two points, monthly payment of $2123.17
Assuming that you can invest money at 3.6% interest compounded monthly, determine the length of time that you must retain the mortgage in order for mortgage B to be the better choice?
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1 Mortgage A costs an extra 1750 up front difference in monthly ...View the full answer
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Related Book For 
Finite Mathematics and Its Applications
ISBN: 978-0134768632
12th edition
Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair
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