(See calculator problems 04/23/2012 & 05/07/2012). If the 4.25% loan cost $300 in miscellaneous fees plus one point for origination fee, which loan would you take?
(The answer will be posted with the new calculator problem in 2 weeks. Or if you can’t wait that long, you can go to http://www.facebook.com/pages/Gary-Johnston-Seminars/111368472221424 for the answer.)
Answer to 05/07/2012 problem:
(N=144,I=4.75,PV=31500,FV=0) PMT=$287.41