which lender is better option

[rana207]

4. Louisa and Marco have found the house of their dreams, but they need to borrow $250,000. They are considering taking a loan through RAMS and mecu. RAMS offers a Basic Home Loan at the variable rate of 6.69% pa for 30 years, whilst mecu is offering an Introductory Home Loan with a fixed rate of 6.29% pa for the first year and then reverting to the variable rate which is currently 7.3% pa, also over 30 years. Assuming that Louisa and Marco will be making fortnightly payments, which lender do you recommend and why? (Note: you will need to find the repayments and also the total amount of interest paid over the life of the loan. Assume that all other conditions are identical

[Loosehead]

So How did we do on your last homework question? It is customary to thank someone when they help you cheat on your homework!

[chazza]

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