tigerpawz74
New member
- Joined
- Dec 16, 2005
- Messages
- 14
A couple is considering two banks for a morgage. Bank One and Banker's Trust. The monthly mortgage payments with Bank One would be $889 per month plus a one-time application fee of $900. The monthly payment with Banker's Trust would be $826 plus a one-time fee of $1200. How many months would it take for the total payments for both banks to be teh same?
I have set this up several ways, but none of them makes any sense. I know the difference between the totals is $237 and that the difference between the payments is $63 and I tried dividing $237 by $63 and came up with 3.76, but I am really lost as to how this should be set up. Please help!!!!!!!! Thanks, Marilyn
I have set this up several ways, but none of them makes any sense. I know the difference between the totals is $237 and that the difference between the payments is $63 and I tried dividing $237 by $63 and came up with 3.76, but I am really lost as to how this should be set up. Please help!!!!!!!! Thanks, Marilyn