assume a borrower and lender agree on a $60,000 loan at 6 percent interest for 30 years. The lender actually disburses $58,200 to the borrower by including a loan discount charge of 3 percent (points), or $1,800. The borrower is required to repay $60,000 at 6 percent interest for 30 years. A borrower would like to finance a property for 30 years at 6 percent interest. The lender indicates that loan fees (origination and discount points) equal to 3 percent of the loan amount will be charged to obtain the loan. What is the actual interest cost of the loan?

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Contractual loan amount $60,000 Less: Loan fees Net cash disbursed by lender 1,800$58,200 Amount to be repaid: Based on $60,000 contractual loan amount, $359.73 for 30 years. Solution: Function: nPMTPVFV=3012=360=$359.73=$58,200=0 i (n, PMT, PV, FV) Solve for i(monthly)i(annualized)=.523875%monthlyrate=.523875%12=6.29%effectiveinterestrate