(Answered) Consider the following pair of mortgage loan options for a

Statistics

Consider the following pair of mortgage loan options for a $115,000 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: 20?-year fixed at 9.25?% with closing costs of ?$1100 and 1 point.

Mortgage? B: 20 year fixed at 7.5?% with closing costs of ?$1100 4 points.

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