Mathematics, 18.06.2020 00:57 marineroadrian21
John needs a loan of $120,000 to buy a home. He is given two choices.
Choice 1: 20-year fixed rate at 7% with closing costs of $1500 and no points.
Choice 2: 20-year fixed rate at 6.5% with closing costs of $1500 and 2 points.
Calculate the monthly payments and total closing costs for each choice.
a. What is the monthly payment for choice 1?
b. What is the monthly payment for choice 2?
C. What is the total closing cost for choice 1?
d. What is the total closing cost for choice 2?
e. Which choice is the better deal? Explain.
Answers: 2
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John needs a loan of $120,000 to buy a home. He is given two choices.
Choice 1: 20-year fixed rate...
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