larger total cost
use pmt=p * (r/n) / [1-(1+r/n)^-nt ]
consider the following pair of mortgage loan options for a $115,000 mortgage. which has the larger total cost (closing costs + the amount paid for points + total cost of interest)? by how much?
Mortgage A: 20-year fixed at 9.25% with closing costs of $2700 and 1 point.
Mortgage B: 20-year fixed at 8.25% with closing costs of $2700 and 3 points
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Please, be neat and detailed. Explanations would be great. I need to understand it. Thank you....
Please, be neat and detailed. Explanations would be
great. I need to understand it. Thank you.
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LI nt to determine the regular payment amount,rounded to the nearest dollar: Consider the ollowing pair of mortigage loan options for a $140.0d Use 1-1+ mortgage. Which mortgage loan has the larger total cost (closing costs + the amount paid for points+total cost of interest)? By how much? Mortgage A 20-year fixed at 625% with closing costs of S2100 and 1 point Mortgage B 20-year fed at 4 5% with closing costs of S2100 and 4 points Choose the correct...
Use to determine the regular payment amount, rounded to the nearest collar. Consider the Toulowing pair or mortgage loan options for a $115,000 mortgage. Which mortgage loan has the larger total cost (closing costs + the amount paid for points + total cost of interest)? By how much? Mortgage A 30-year fixed at 12.25% with closing costs of $2600 and 1 point. Mortgage B: 30-year fixed at 11.25% with closing costs of $2600 and 4 points Choose the correct answer...
ot, to determine the regular payment amount, rounded to the nearest dollar. Consider the following pair of mortgage loan options for a $165,000 mortgage. Which mortgage loan has the larger total cost closing costs + the amount paid for points + total cost of interest)? By how much? Mortgage A: 30-year fixed at 12.25% with closing costs of $1300 and 1 point. Mortgage B: 30-year fixed at 10.5% with closing costs of $1300 and 2 points. Choose the correct answer...
STREP to determine the regular payment amount, rounded to the nearest dollar. Consider the following pair of mortgage loan options for a $135.000 mortgage. Which mortgage loan has the larger total cost (closing costs + the amount paid for points total cost of interest)? By how much? Mortgage A: 15-year foxed at 6.25% with closing costs of $1400 and 1 point Mortgage B: 15-year fixed at 5.25% with closing costs of $1400 and 4 points Choose the correct answer below,...
1. [5 points total] Drs. Bhattacharya and Malinowski are expecting their third child and therefore are in the market for a new, larger, home. They are looking at a traditional colonial style home with a swimming pool on Nottingham Terrace that will cost $999,000 to purchase. They are now comparing lending options and have identified two potential options. They have asked for your expert opinion to help them make an informed decision. Option A: A 30-year adjustable rate mortgage (ARM)...
1. (5 points total] Drs. Bhattacharya and Malinowski are expecting their third child and therefore are in the market for a new, larger, home. They are looking at a traditional colonial style home with a swimming pool on Nottingham Terrace that will cost $999,000 to purchase. They are now comparing lending options and have identified two potential options. They have asked for your expert opinion to help them make an informed decision. Option A: A 30-year adjustable rate mortgage (ARM)...
Please, be neat and detailed. Explanations would be
great. I need to understand it. Thank you.
1. [5 points total] Drs. Bhattacharya and Malinowski are expecting their third child and therefore are in the market for a new, larger, home. They are looking at a traditional colonial style home with a swimming pool on Nottingham Terrace that will cost $999,000 to purchase. They are now comparing lending options and have identified two potential options. They have asked for your expert...
You need a loan of $120,000 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 1:20-year fed rate at 4% with closing costs of $2300 and no points Choice 2:20-year fixed rate at 3.5% with closing costs of $2300 and 5 points What is the monthly payment for choice 1? $727.18 (Do not round until the final answer. Then round to the...
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