Question: You are borrowing $ 2 5 0 , 0 0 0 to buy a house, using a standard 3 0 - year mortgage. Your mortgage

You are borrowing $

250, 000

to buy a house, using a standard

30 -

year mortgage. Your mortgage lender offers a

5.50 %

mortgage with no points, or a

5.20 %

mortgage with

1.14

points. You plan on living in the house for exactly X months, paying only the required payment each month, and without refinancing your mortgage. You find that you are indifferent between the two mortage options, using the

5.50 %

rate to discount cash flows between the two options. How many months are you planing on living in the house? Answer in months only, rounded to the nearest month.

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