An investor has owned a property for $15$ years, the value of which is now $$201,200.$ The balance on the original mortgage is $$100,000$ and the monthly payments are $$1,100$ with $15$ years remaining. He would like to obtain $$52,200$ in additional financing. A new first mortgage for $$149,000$ can be obtained at a $12\mathrm{.}5$ percent rate and a second mortgage for $$52,200$ at a $14$ percent rate with a $15-$year term. Alternatively, a wraparound loan for $$149,000$ can be obtained at a $12$ percent rate and a $15-$year term. All loans are fully amortizing.

Required:

Which alternative should the investor choose?

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