Question
you have just purchased an apartment. to finance the purchase, you have arranged for a 25-year mortgage loan for 50 percent of the 1,650,000 purchase
you have just purchased an apartment. to finance the purchase, you have arranged for a 25-year mortgage loan for 50 percent of the 1,650,000 purchase price. the monthly payment on this loan will be 4,500. what is the effective annual rate (EAR) on this loan?
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Financial Management Concepts and Applications
Authors: Stephen Foerster
1st edition
013293664X, 978-0132936644
