Question
You got a $250,000 mortgage for your new home. This is a 20- year fixed rate constant payment mortgage with the rate at 9.00 %.
You got a $250,000 mortgage for your new home. This is a 20- year fixed rate constant payment mortgage with the rate at 9.00 %. You can pay 1.5 point to lower your mortgage rate to 8%. How long should you keep the house to make the point payment break even?
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Financial Management Theory And Practice
Authors: Eugene Brigham, Michael Ehrhardt, Jerome Gessaroli, Richard Nason
3rd Canadian Edition
017658305X, 978-0176583057
