Business, 06.04.2020 23:29 dianamachado14

You need a loan of â€‹$140,000 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.

Choiceâ€‹ 1: 30 â€‹-year fixed rate at 4 â€‹% with closing costs of â€‹$2100 and no points.
Choiceâ€‹ 2: 30 â€‹-year fixed rate at 3.5 â€‹% with closing costs of â€‹$2100 and 4 points.

What is the monthly payment for choiceâ€‹ 1? â€‹$ â€‹(Do not round until the final answer. Then round to the nearest cent asâ€‹ needed.)
What is the monthly payment for choiceâ€‹ 2? â€‹$ â€‹(Do not round until the final answer. Then round to the nearest cent asâ€‹ needed.)
What is the total closing cost for choiceâ€‹ 1? $
What is the total closing cost for choiceâ€‹ 2? â€‹$

Why might choice 1 be the betterâ€‹ choice?
A. The monthly payment is higher.
B. The monthly payment is lower.
C. The closing costs are lower.
D. The closing costs are higher.

Why might choice 2 be the betterâ€‹ choice?
A. The closing costs are higher.
B. The closing costs are lower.
C. The monthly payment is higher.
D. The monthly payment is lower.

Answers: 3

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You need a loan of â€‹$140,000 to buy a home. Calculate your monthly payments and total closing cost...

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