Posted by
**Logan** on
.

A lender gives you a choice between the following two 30-year mortgages of $200,000:

Mortgage A: 6.65% interest compounded monthly, one point, monthly payment of $1283.93

Mortgage B: 6.8% interest compounded monthly, no points, monthly payment of $1303.85

Assuming that you can invest money at 5.6% compounded monthly, determine the length of time you must retain the mortgage in order for mortgage A to be the better choice. (Round your answer to two decimal places.)