FINANCIAL PLANNING $-$ REVIEW ASSIGNMENT

$9.$ You are purchasing a cabin at the lake for $$650,000.$ There is a $20\%$ down$-$payment required on this purchase and you will finance the remaining amount by making monthly payments.

Bank $A$ is offering you a monthly payment of $$3,500$ over $25$ years.

Bank B is offering you a monthly payment of $$2,955$ over $30$ years.

Use the TVM Solver to determine which bank is offering you the best annual fixed interest rate. $($Show your work in the tables below.$)$

$\backslash$table$[[$Bank A: TVM SOLVER,Bank B: TVM SOLVER,$],[N=,,N=,],[I=,,I=,],[PV=,,PV=,],[PMT=,,PMT=,],[FV=,,FV=,],[\frac{P}{Y}=,12,\frac{P}{Y}=,12],[\frac{C}{Y}=,12,\frac{C}{Y}=,12]]$