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1. Consider the following options available to a mortgage borrower: Interest Rate (%) 6.35 6.42 6.05 Loan Amount $150,000 $120,000 $145,000 Option 1 Option 2
1. Consider the following options available to a mortgage borrower: Interest Rate (%) 6.35 6.42 6.05 Loan Amount $150,000 $120,000 $145,000 Option 1 Option 2 Option 3 What is the effective annual rate for each option? Type of Mortgage 30-year fixed 30-year fixed 30-year fixed Discount Points 1 2 3
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