You plan to purchase a house for $ 195,000 using a 30-year mortgage obtained from your local
Question:
a. Your bank offers you the following two options for payment: Option 1: Mortgage rate of 5.5 percent and zero points. Option 2: Mortgage rate of 5.35 percent and 1.5 points. Which option should you choose?
b. Your bank offers you the following two options for payments: Option 1: Mortgage rate of 5.35 percent and 1 point. Option 2: Mortgage rate of 5.25 percent and 2 points. Which option should you choose?
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You will make a down payment of 20 percent of the purchase price or you will make a down payment of ...View the full answer
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Related Book For 
Financial Markets and Institutions
ISBN: 978-0077861667
6th edition
Authors: Anthony Saunders, Marcia Cornett
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