Use the Information for the Question(s) Below

question 62

Multiple Choice

Use the information for the question(s) below.
You are purchasing a new home and need to borrow $250,000 from a mortgage lender. The mortgage lender quotes you a rate of 6.25% APR for a 30-year fixed rate mortgage. The mortgage lender also tells you that if you are willing to pay 2 points, they can offer you a lower rate of 6.0% APR for a 30-year fixed rate mortgage. One point is equal to 1% of the loan value. So if you take the lower rate and pay the points you will need to borrow an additional $5,000 to cover points you are paying the lender.
-Assuming you pay the points and borrow from the mortgage lender at 6.00%,then your monthly mortgage payment (with payments made at the end of the month) will be closest to:

• A) $1,540
• B) $1,530
• C) $1,570
• D) $1,500

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