You take out a 20 year mortgage of $85,000 to purchase a large vacation home in Kansas (heck, it's Kansas - you expected

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answerhappygod
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You take out a 20 year mortgage of $85,000 to purchase a large vacation home in Kansas (heck, it's Kansas - you expected

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You Take Out A 20 Year Mortgage Of 85 000 To Purchase A Large Vacation Home In Kansas Heck It S Kansas You Expected 1
You Take Out A 20 Year Mortgage Of 85 000 To Purchase A Large Vacation Home In Kansas Heck It S Kansas You Expected 1 (21.89 KiB) Viewed 25 times
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. - Hint: yes, you are solving for something on the right side of the equation. Also that $85,000-you will be handed that money TODAY. DO E 5. o
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