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April 24, 2014

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.)

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