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thank you!! (Questions 8-9). If Melody wants to purchase a house for $420,000 and finance $110,000 with either a 3.8%, 30-year mortgage or a 4.5%,

thank you!!
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(Questions 8-9). If Melody wants to purchase a house for $420,000 and finance $110,000 with either a 3.8%, 30-year mortgage or a 4.5%, 20-year mortgage. 8. What is the effective interest rate on each of the above alternatives? Note: Only compare the interest rates for the above two options based on monthly compounding. 9. Which alternative would you recommend and why

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