Question
A loan with the following terms is being made: Fixed rate, constant monthly payment. Closing date February 9 th. Five percent interest rate. Prepaid interest
A loan with the following terms is being made: Fixed rate, constant monthly payment. Closing date February 9 th. Five percent interest rate. Prepaid interest due at closing. $160,000 mortgage loan amount. $2,400 loan discount points to be paid by the buyer or borrower to the lender. 25-year term, monthly payments, fully amortizing. Required: Calculate the APR for federal truth-in-lending purposes. Note: (Do not round intermediate calculations. Round your final answer to two decimal places.) APR 0.00%
A loan with the following terms is being made: Fixed rate, constant monthly payment. Closing date February 9 th. Five percent interest rate. Prepaid interest due at closing. $160,000 mortgage loan amount. $2,400 loan discount points to be paid by the buyer or borrower to the lender. 25-year term, monthly payments, fully amortizing. Required: Calculate the APR for federal truth-in-lending purposes. Note: (Do not round intermediate calculations. Round your final answer to two decimal places.)Step by Step Solution
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Corporate Treasury And Cash Management
Authors: Robert Cooper
1st Edition
1349512699, 9781349512690
