Question
You just purchased a home for $400,000 and put 20% down and obtained a mortgage for the balance. Based on a term of 30 years
You just purchased a home for $400,000 and put 20% down and obtained a mortgage for the balance. Based on a term of 30 years on a fully amortizing loan and a monthly mortgage payment of $1,481.97, what is your annual interest rate on this mortgage?
a. 2.02%
b. 4.25%
c. 0.3125%
d. 3.75%
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Financial Mathematics Derivatives And Structured Products
Authors: Chan
1st Edition
9811336954, 978-9811336959
