Question
What is the effective yield on a 35-year fixed rate mortgage if 12 points are charged and the nominal interest rate is 5.75%, assuming monthly
What is the effective yield on a 35-year fixed rate mortgage if 12 points are charged and the nominal interest rate is 5.75%, assuming monthly compounding?
Use financial calculator, enter your answer in decimals and round your final answer to 4 decimal places. (e.g., enter 5.65% as .0565)
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Business Mathematics
Authors: Charles MillerStanley SalzmanStanley SalzmanGary Clendenen
11th Edition
0321500121, 9780321500120
