Question: show work 4. You plan to purchase a house for $700,000 using a 30 year mortgage obtained from your local bank. You will make a

show work

4. You plan to purchase a house for $700,000 using a 30 year mortgage obtained from your local bank. You will make a down payment of 20 percent of the purchase price, in this case, equal to $140000. Thus, the mortgage loan amount will be $560000. Your bank offers you the following two options for payment: . Option 1: Mortgage rate of 3.6 percent per year and zero points. - Option 2: Mortgage rate of 3 percent per year and 1 points -Which option you should choose

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