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Use P(r/n)/([1-(1+(r)/(n))⁻ⁿᵗ]) to determine the regular payment amount, rounded to the nearest
dollar. Consider the following pair of mortgage loan options for a $150,000 mortgage. Which mostgage loan has the targer total cost dosing costs the amount paid for points + total cost of interest? By how much?
Mortgage 15 yearfixed at 625% with closing costs of S1600 and 1 point
Mortgage B 15-year fixed at 25% with closing costs of 1600 and 3 points
Mortgage B has a larget total cost than mortgage A by $_______

Sagot :

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