Amanda Smith &
03/03/20 8:37 PM
Homework: Unit 4.D Homework
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Score: 0 of 1 pt
6 of 7 (5 complete)
HW Score: 7.78%, 0.54 of 7 pts
X 4.0.41
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You need a loan of $195,000 to buy a home. Calculat 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 $1600 and no points
Choice 2. 30-year fixed rate at 3.5% with closing costs of $1600 and 2 points
What is the monthly payment for choice 1?
SO
$ 1082.84
(Do not round until the final answer Then round
nearest cent as needed)
your answer in the answer box and then click Check Answer
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