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2 . Consider the following pair of options for a $ 1 0 0 , 0 0 0 mortgage. Option 1 : 1 5 -
Consider the following pair of options for a $ mortgage.
Option : year fixed rate at
Option : year fixed rate at
a What is the monthly payment for Option
b What is the total payment over the lifetime of the loan for Option
c What is the monthly payment for Option
d What is the total payment over the lifetime of the loan for Option
e Based on the amounts you calculated for #ad which Option would you choose? Explain why
you selected that Option.
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