Use Excel formulas to calculate and compare the APR for the two loans in Question 2. Assume you hold the loan until maturity. Remember that APR considers interest rate, loan fees (points), and applicable closing costs. For the sake of simplicity there are upfront loan fees, but no closing costs in this assignment.

2A. Calculate the payment, remaining mortgage balance (RMB), and APR for both loans

2B. Which loan would you choose and why? (One or two sentences is sufficient)

Question 2: Hold until maturity Months Loan amount Rate Points RMB Payment APR Loan A 360 $787,500 3.85% 0.00% Loan B 360 $787,500 3.70% 2.00% Q2 Comment Question 2: Hold until maturity Months Loan amount Rate Points RMB Payment APR Loan A 360 $787,500 3.85% 0.00% Loan B 360 $787,500 3.70% 2.00% Q2 Comment