Use the following information to answer Questions 52-55: Ronald wants to buy a property for $105,000 and wants an 80 per

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Use the following information to answer Questions 52-55: Ronald
wants to buy a property for $105,000 and wants an 80 percent loan
for $84,000. A lender indicates that a fully amortizing loan can be
obtained for 30 years at 8% interest; however a loan fee of $3,500
will also be necessary for Ronald to get the loan.
52. How much will the lender actually disburse? A. $84,000 B.
$105,000 C. $101.500 D. $80,500 2 points
QUESTION 53 What is the APR for the borrower assuming the loan
is paid off in the full term ? A. 8.45% B. 9.06% C. 7.04% D. 8.00%
2 points
QUESTION 54 If the loan is paid off in five (5) years, what is
the effective interest rate ? A. 8.45% B. 8.00% C. 9.06% D. 7.55% 2
points
QUESTION 55 Assume that the lender imposes a 2% prepayment
penalty on the outstanding balance of the loan if repaid within (8)
eight years of closing. If the loan is repaid after (5) five years
with the prepayment penalty what is the effective rate of the loan?
A. 9.37% B. 9.06% C. 8.45% D. 10.00%