The Ruffins are negotiating with two banks for a mortgage to buy a house selling for $190,000. The terms at bank A are a $25% down payment, an interest rate of 11%, a 25 -year conventional mortgage, and 2 points to be paid at the time of closing. The terms at bank B are a 15% down payment, an interest rate of 10.0%, a 30 -year conventional mortgage, and no points. Which loan should the Ruffins select in order for the total cost of the house to be less?
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From which bank should the Ruffins take the loan?
Bank B
Bank A