Google Answers: Cost of loan???

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Q: Cost of loan??? ( No Answer, 2 Comments )

Question

Subject: Cost of loan???
Category: Miscellaneous
Asked by: curious20061234-ga
List Price: $10.00

Posted: 06 Apr 2006 20:07 PDT
Expires: 06 May 2006 20:07 PDT
Question ID: 716347

What is the difference in between  a loan at
a.6.5 % interest rate 6.99 APR with 0 points
b.6.0 % interest rate 6.5 APR with 0 points
The closing cost of the loans are the same. Both loans from the same lender
Which is a better loan in the long term? AND WHY EXPLAIN IN DETAIL.

Request for Question Clarification by cynthia-ga on 07 Apr 2006 16:48 PDT
There has to be something missing, the commenters are 100% correct. Is
the length of the two loans (in months/years) different?

Answer

There is no answer at this time.

Comments

Subject: Re: Cost of loan???
From: markvmd-ga on 07 Apr 2006 05:51 PDT

Am I missing something? The lower rate is cheaper.

Subject: Re: Cost of loan???
From: ansel001-ga on 07 Apr 2006 15:02 PDT

I have to agree with Markvmd.  You haven't mentioned any differences
between the loans except the interest rate.  If everything else is
identical, the loan with the lower interest rate is the better loan.

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