Question
A borrower takes out a 30-year mortgage loan (with monthly payments) for $300,000 with an interest rate of 12% The lender requires 4.0 points to
A borrower takes out a 30-year mortgage loan (with monthly payments) for $300,000 with an interest rate of 12% The lender requires 4.0 points to be paid at closing.
What is the effective annual interest rate on the loan if the loan is repaid after 10 years?
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Financial Markets Theory Equilibrium Efficiency And Information
Authors: Emilio Barucci, Claudio Fontana
2nd Edition
9781447174042
