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A loan with the following terms is being made: Fixed rate, constant monthly payment. Closing date February 9 th . Five percent interest rate. Prepaid
A loan with the following terms is being made:
Fixed rate, constant monthly payment. Closing date February th
Five percent interest rate. Prepaid interest due at closing.
$ mortgage loan amount.
$ loan discount points to be paid by the buyer or borrower to the lender.
year term, monthly payments, fully amortizing.
Required:
Calculate the APR for federal truthinlending purposes. Do not round intermediate calculations. Round your final answer to the nearest onequarter of a percent.
Important Note from Your Instructor: Do NOT round your final answer to the nearest onequarter of a percent. This issue has been reported to MH but it may not be in effect by the start of the term.
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