A borrower is faced with choosing between two $75,000, 30-year fixed-rate mortga

Question

A borrower is faced with choosing between two $75,000, 30-year fixed-rate mortgage loans. The first loan has an interest rate of 10% with six points. The second loan has a rate of 11% with two points. a) If the loan is repaid after 15 years, which is the better option? Show calculations to support your answer. b) If the loan is repaid after 5 years, which is the better option? show calculations to support your answer. Please use a financial calculator and show me the set up and make sure P/Y is set to 12 months. Do we compare the different APR and pick the lowest? Im not sure

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