Frank and Carole have to decide between a 5% mortgage and a 4.25% mortgage with 1 pre-paid point. The loan value is $175,000 and both are conventional 30-year fixed rate mortgages. What is the payback period for the lower priced mortgage? 18 months O22 months 48 months 36 months

Frank and Carole have to decide between a 54 mortgage and a 4.25% mortgage with 1 pre paid point. The loan value is $175,000 and both are conventional 30 -year fixed rate mortgages. What is the payback period for the lower priced mortgage? 18 months 22 months 48 months 36 months