Tuesday
March 31, 2015

Homework Help: College Algebra and Finance

Posted by Logan on Friday, December 7, 2012 at 4:00pm.

Please help! Just need the answer...
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.)

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

math - A lender gives you a choice between the following two 30-year mortgages ...
calculus - the monthly payment that amortizes a loan of A dollars in t yr when ...
Math - Mr. Smith is purchasing a $190000 house. The down payment is 20% of the ...
Math - If you finance $50,000 of the purchase of your new home at 4.40% ...
Finance - Dave takes out a 30-year mortgage of 200000 dollars for his new house...
accounting - 3. On December 1, year 1, Newton Corporation incurs a 15-year $300,...
personal finance - Todd is applying for a $100,000 mortgage.He can get a $600 ...
Math - Shantle and Kwamie are planning to buy their first home. Although they ...
Calculus - A $99,000 mortgage for 30 years at 9% APR requires monthly payments ...
Finance - You just acquired a mortgage in the amount of $249,000 at 6.75% ...

Members