Question
You need a loan of $195,000 to buy a home. Calculate your monthly payments and total closing costs for each choice below. Briefly discuss how
You need a loan of $195,000 to buy a home. Calculate your monthly payments and total closing costs for each choice below. Briefly discuss how you would decide between the two choices. Choice 1: 30-year fixed rate at 6% with closing costs of $1800 and no points. Choice 2:30-year fixed rate at 5.5% with closing costs of $1800 and 2 points.
What is the monthly payment for choice 1?
What is the monthly payment for choice 2?
What is the best option.
Why is it the best option?
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Intermediate Accounting
Authors: Earl K. Stice, James D. Stice
19th edition
1133957919, 978-1285632988, 1285632982, 978-0357691229, 978-1133957911
