Friday

December 19, 2014

December 19, 2014

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

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.)

- PLEASE HELP -
**Logan**, Friday, December 7, 2012 at 4:11pmPLEASE

**Answer this Question**

**Related Questions**

math - A lender gives you a choice between the following two 30-year mortgages ...

ALGEBRA - Suppose that you want to purchase a home for $450,000 with a 30 year ...

Math - Mr. Smith is purchasing a $190000 house. The down payment is 20% of the ...

algebra - Suppose that you want to purchase a home for $450,000 with a 30 year ...

calculus - the monthly payment that amortizes a loan of A dollars in t yr when ...

Finance - Say that you purchase a house for $270,000 by getting a mortgage for $...

infinite math - Hey guys! really need help with this one!!! On December 31, 1995...

algebra with application - Suppose that you want to purchase a home for $450,000...

Math Refinancing Question - A person purchased a $205,107 home 10 years ago by ...

algebra with application - Suppose that you want to purchase a home for $450,000...