Maurice Tutor

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Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 07 Dec 2017 My Price 5.00

Mortgage rate

You plan to purchase a house for $195,000 using a 30-year mortgage obtained from your local bank. You will make a down payment of 20 percent of the purchase price and monthly payments. You will not pay off the mortgage early.

 

a. Your bank offers you the following two options for payment:

 

Option 1: Mortgage rate of 5.5 percent and zero points.

 

Option 2: Mortgage rate of 5.35 percent and 1.5 points.

 

Which option should you choose?

 

b. Your bank offers you the following two options for payments:

 

Option 1: Mortgage rate of 5.35 percent and 1 point.

 

Option 2: Mortgage rate of 5.25 percent and 2 points. Which option should you choose?

 

 

 

 

 

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Answers

Maurice Tutor
(5)
Status NEW Posted 07 Dec 2017 09:12 PM My Price 5.00

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