Recently you bought a new condominium for $1,600,000, after paying 20% down-payment, you have decided to loan the remainder from a bank.
Bank A offers 25 years at 12%, payable annually,
Bank B offers 20 years at 4.88%, payable monthly
a) prepare a loan amortization schedule for bank A
b) prepare a loan amortization schedule for bank B
c) which bank would you choose and why?