Your up - front costs for getting your loan were 3 points and $450.00 in fees. You didn ’ t have this money available, so you had these costs folded into the loan. What ’ s your effective interest rate?

Fixed interest, fi xed payment mortgage loans are no different from the basic loans described in Chapter 3 . The problems below will, therefore, concentrate on variations in calculation brought about by different types of mortgage loans. Solving these problems, on the other hand, will require a working ability to solve the simpler problems.