Nardo is reviewing his mortgage options with his mortgage broker. With regards to his $200,000 mortgage, he is wondering which option, compounded semi-annually would result in the lowest total interest paid?
Question 5Select one:
a.
A 3.5% interest rate, paid bi-weekly and amortized over 15 years
b.
A 4% interest rate, paid monthly and amortized over 15 years
c.
A 3.25% interest rate, paid monthly and amortized over 22 years
d.
A 3.5% interest rate, paid monthly and amortized over 20 years