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Consider the following pair of mortgage loan options for a $115,000 mortgage. Which mortgage loan has the larger total cost​ (closing costs​ + the amount paid for points​ + total cost of​ interest)? By how​ much? Mortgage​ A: 20​-year fixed at 9.25​% with closing costs of ​$1100 and 1 point. Mortgage​ B: 20 year fixed at 7.5​% with closing costs of ​$1100 4 points.

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Consider the following pair of mortgage loan options

for a $115,000 mortgage. Which mortgage loan has the larger total cost​ (closing costs​ + the amount paid for points​ + total cost of​ interest)? By how​ much?

Mortgage​ A: 20​-year fixed at 9.25​% with closing costs of ​$1100 and 1 point.

Mortgage​ B: 20 year fixed at 7.5​% with closing costs of ​$1100 4 points.

 
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