Question
You take out a 20 year mortgage of $85,000 to purchase a large vacation home in Kansas (heck, it's Kansas - you expected it to
You take out a 20 year mortgage of $85,000 to purchase a large vacation home in Kansas (heck, it's Kansas - you expected it to be expensive?). Your annual payment to the bank is $7,000 but you forgot what the interest rate was. Use your financial knowledge to figure out (approximately) what the interest rate you received should be.
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Fundamentals of Financial Management
Authors: Eugene F. Brigham
Concise 9th Edition
1305635937, 1305635930, 978-1305635937
