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Old 12-08-2010, 06:10 PM
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Default Help with Math/Finance Question Mortgages?

I'm trying to get ahead in my Math HW so I have more time to study for my finals so can someone help me with solving this question so I can do the rest Suppose a lender gives you a choice between the following two 25-year mortgages of $305,000. Mortgage A: 6.2% interest compounded monthly, four points, monthly payment of $2002.58Mortgage B: 6.4% interest compounded monthly, three points, monthly payment of $2040.36 Assuming that you can invest money at 2.5% compounded monthly, determine the length of time you must retain the mortgage in order for mortgage A to be the better choice.if someone could explain it using TMV Solver on TI-84 Plus apps that would be more helpful
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