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A bank offers 30-year, $195,000 mortgages at 5.0 percent and charges a $4,000 refundable loan application fee. The current disclosure law requires that any
A bank offers 30-year, $195,000 mortgages at 5.0 percent and charges a $4,000 refundable loan application fee. The current disclosure law requires that any fees that will be refunded if the applicant is rejected be included in calculating the APR. What is the APR that they are required to disclose? (Do not round intermediate calculations and round your final answers to 2 decimal places. (e.g., 32.16)) APR Insecurity Bank and Trust (Refundable) de de % %
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Monthly Payment Loan amount 195000 Charges 4000 Total loan amount PV Loan ...
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Public Finance and Public Policy
Authors: Jonathan Gruber
4th edition
1429278455, 978-1429278454
