Question
You have just purchased a home by borrowing$400,000 for 30-years at a fixed APR of3.87% . The loan payments are monthly and interest is compounded
You have just purchased a home by borrowing$400,000
for 30-years at a fixed APR of3.87%
. The loan payments are monthly and interest is compounded monthly.
What is the periodic interest rate? (I.e., what is the monthly interest rate?)
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Personal Finance
Authors: Jack Kapoor, Les Dlabay, Robert J. Hughes
11th edition
9781259278617, 77861647, 1259278611, 978-0077861643
