Homework Help: math

Posted by Logan on Friday, December 7, 2012 at 3:51pm.

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.)

No one has answered this question yet.

Answer this Question

Related Questions

College Algebra and Finance - Please help! Just need the answer... A lender ...
Accounting - Rita forms Finch Corporation by transferring land (basis of 125,000...
accounting - You have just purchased a house and have obtained a 30-year, $200,...
accounting - House mortgage You have just purchased a house and have obtained a...
Math - Mr. Smith is purchasing a $190000 house. The down payment is 20% of the ...
math - Say i have a mortgage of 200,000. One bank offers 5.oo%. The other offers...
math - Suppose that you want to purchase a home for $450,000 with a 30 year ...
Math Help Please!!! - A couple purchased a house and signed a mortgage contract ...
infinite math - Hey guys! really need help with this one!!! On December 31, 1995...
Math - A 30 year fixed rate $100,000 mortgage loan . The interest rate is 7.5% ...

For Further Reading

First Name:
School Subject:
Answer: