SOLUTION: Citibank's 7% rate means April must spend $6.66 per $1000 of her mortgage each month, and TCF Bank's 6.5% rate means she will spend $6.32 per $1000 each month. Citibank also charge

Question 33295: Citibank's 7% rate means April must spend $6.66 per $1000 of her mortgage each month, and TCF Bank's 6.5% rate means she will spend $6.32 per $1000 each month. Citibank also charges 3 points while TCF charges none. April needs an $80,000 mortgage. How long will it take for both mortgages to be equal?
Am I correct with 6.66x +3 = 6.32x + 0 =80,000
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Let number of months she will pay be "x"
Citi bank will get 0.03(80,000)+6.66(80)x.
TCF will get 6.32(80)x
Set these equal to one another and solve for "x":
2400+532.8x=505x
This gives a negative value for "x".
Are you sure you have the data correct?
Cheers,
Stan H.
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