Business, 06.04.2020 23:29, dianamachado14
You need a loan of ​$140,000 to buy a home. Calculate your monthly payments and total closing costs for each choice below. Briefly discuss how you would decide between the two choices.
Choice​ 1: 30 ​-year fixed rate at 4 ​% with closing costs of ​$2100 and no points.
Choice​ 2: 30 ​-year fixed rate at 3.5 ​% with closing costs of ​$2100 and 4 points.
What is the monthly payment for choice​ 1? ​$ ​(Do not round until the final answer. Then round to the nearest cent as​ needed.)
What is the monthly payment for choice​ 2? ​$ ​(Do not round until the final answer. Then round to the nearest cent as​ needed.)
What is the total closing cost for choice​ 1? $
What is the total closing cost for choice​ 2? ​$
Why might choice 1 be the better​ choice?
A. The monthly payment is higher.
B. The monthly payment is lower.
C. The closing costs are lower.
D. The closing costs are higher.
Why might choice 2 be the better​ choice?
A. The closing costs are higher.
B. The closing costs are lower.
C. The monthly payment is higher.
D. The monthly payment is lower.
Answers: 3
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You need a loan of ​$140,000 to buy a home. Calculate your monthly payments and total closing cost...
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