Question
You have just purchased a new condo. To finance the purchase, you've arranged for a 30-year mortgage loan for 80 percent of the $260,000 purchase
You have just purchased a new condo. To finance the purchase, you've arranged for a 30-year mortgage loan for 80 percent of the $260,000 purchase price. The monthly payment on this loan will be $1,220. What is the effective annual rate on this loan?
| A. | 5.80 percent | |
| B. | 5.95 percent | |
| C. | 6.25 percent | |
| D. | 6.46 percent | |
| E. | 7.01 percent |
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How To Value Buy Or Sell A Financial Advisory Practice
Authors: Mark C. Tibergien, Owen Dahl
1st Edition
1576601749, 978-1576601747
