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Questions 9-12 are based on the following information You decide to buy a house with price of $350,000. You put 20% down payment and

Questions 9-12 are based on the following information You decide to buy a house with price of $350,000. You put 20% down payment and consider a 30-year fixed rate mortgage to pay the remaining balance, which is $280,000. The lender offers you two mortgage choices. For simplicity, assuming that there is no origination cost for each choice. Choice Mortgage Rate 1 5.5% 2 5.0% Points 0 3

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