A borrower takes out a 30-year mortgage loan (with monthly
payments) for $300,000 with an interest rate of 12% The lender
requires 4.0 points to be paid at the time the loan is originated.
What is the effective interest rate on the loan if the loan is
repaid after 5 years?
A borrower takes out a 30-year mortgage loan (with monthly payments) for $300,000 with an interest rate of 12% The lende
-
answerhappygod
- Site Admin
- Posts: 899604
- Joined: Mon Aug 02, 2021 8:13 am
A borrower takes out a 30-year mortgage loan (with monthly payments) for $300,000 with an interest rate of 12% The lende
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!