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Finance 1.5 Suppose you are borrowing $100,000 to purchase a house. The terms of the loan are monthly installment payments over 15 years, interest rate

Finance

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1.5 Suppose you are borrowing $100,000 to purchase a house. The terms of the loan are monthly installment payments over 15 years, interest rate of 0.6% per month. There is a loan initiation fee of $600, a house inspection fee of $400, and 1 point. A point is 1% fee paid to the bank when the loan is recieved. What is the 'effective interest rate of the loan being offered

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