Ann is looking for a fully amortizing 30 year Fixed Rate Mortgage with monthly payments for $4,500,000.

Mortgage A has a 4.38% interest rate and requires Ann to pay 1.5 points upfront.

Mortgage B has a 6% interest rate and requires Ann to pay zero fees upfront.

Assuming Ann makes payments for 2 years before she sells the house and pays the bank the

the bank the balance, which mortgage has the lowest cost of borrowing (lowest annualized IRR)