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Author Question: You are purchasing a home for $220,000 and are shopping for a loan. You have a total of $40,000 to ... (Read 168 times)

jparksx

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on: May 5, 2020
You are purchasing a home for $220,000 and are shopping for a loan. You have a total of $40,000 to put down. In addition, there are $800 in closing costs loan and any loan fee that might be charged. Bank A offers a 10% APR amortized over 20 years with 240 equal monthly payments. There is no loan fee. Bank B offers an 8.5% APR amortized over 20 years with 240 equal monthly payments. There is a 4% loan fee (i.e., a one-time up-front charge of 4% of the loan). Calculate the monthly mortgage payment of both loans and identify which is the better loan.
◦ Bank A: $2123; Bank B: $1909; Bank B offers a better loan
◦ Bank A: $1745; Bank B: $1569; Bank B offers a better loan
◦ Bank A: $1737; Bank B: $1562; Bank A offers a better loan
◦ Bank A: $1737; Bank B: $1562; Bank B offers a better loan
◦ Bank A: $1745; Bank B: $1569; Bank A offers a better loan
Excursions in Modern Mathematics ¦ Tannenbaum ¦ 9th Edition
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Marked as best answer by jparksx on May 5, 2020

dlook33

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Reply #1 on: May 5, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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jparksx

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Reply 2 on: May 5, 2020
Excellent

gcook

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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