Business, 24.03.2020 19:58 amyre

Leonard is evaluating a $400,000 mortgage. He can get a 30-year 6 percent fixed-rate mortgage with principal and interest payments of $2,398.20 with no points. He can also get a 5.75 percent mortgage loan (payments of $2,334.29) with two points. Using simple arithmetic, how many months will it take him to break even on the lower interest rate loan?

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Leonard is evaluating a $400,000 mortgage. He can get a 30-year 6 percent fixed-rate mortgage with p...

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