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Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596 Exercise 52
A Denny's Restaurant franchisee is looking for a 20-year mortgage with 90% financing to build a new location costing $775,000. The Spring Creek Bank is offering an 8% mortgage with 1
discount points; Foremost Savings Loan is offering a 7.5% mortgage with 4 discount points. The franchisee is unsure which mortgage is the better deal and has asked for your help.
a. What is the total interest paid on each loan?
b. Taking into account the discount points, which lender is offering a better deal and by how much?
discount points; Foremost Savings Loan is offering a 7.5% mortgage with 4 discount points. The franchisee is unsure which mortgage is the better deal and has asked for your help. a. What is the total interest paid on each loan?
b. Taking into account the discount points, which lender is offering a better deal and by how much?
Explanation
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To build a new location by Denny's Resta...
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
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