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Consider the following pair of mortgage loan options for a ?$150, 000 mortgage. Which mortgage loan has the larger total cost? (closing costs? + the amount paid for points? + total cost of? interest)? By how? much? Mortgage? A: 30 ?-year fixed at 9.25 ?% with closing costs of ?$1400 and 1 point. Mortgage? B: 30 ?-year fixed at 8.25 ?% with closing costs of ?$1400 and 3 points. Choose the correct answer ?below and fill in the answer box to complete your choice.

A. Mortgage A has a larger total cost than mortgage B by $.

B. Mortgage B has a larger total cost than mortgage A by $. ?(Round to the nearest dollar as?needed.)

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Financial Management, Finance

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