A bank offers 35-year, $175,000 mortgages at 4.6 percent and charges a $3,600 refundable loan application fee. The current disclosure law requires that any fees that will be refunded if the applicant is rejected be included in calculating the APR What is the APR that they are required to disclose? (Do not round intermediate calculations and round your final answers to 2 decimal places. (e.g., 32.16)) APR Insecurity Bank and trust (Refundable) %

A bank offers 35-year, $175,000 mortgages at 4.6 percent and charges a $3,600 refundable loan application fee. The current disclosure law requires that any fees that will be refunded if the applicant is rejected be included in calculating the APR What is the APR that they are required to disclose? (Do not round intermediate calculations and round your final answers to 2 decimal places. (e.g., 32.16)) APR Insecurity Bank and trust (Refundable) %

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Concept explainers

Calculating the Return On A Loan

Question

A bank offers 35-year, $175,000 mortgages at 4.6 percent and charges a $3,600
refundable loan application fee. The current disclosure law requires that any fees that
will be refunded if the applicant is rejected be included in calculating the APR
What is the APR that they are required to disclose? (Do not round intermediate
calculations and round your final answers to 2 decimal places. (e.g., 32.16))
APR
Insecurity Bank and trust
(Refundable)
%
%

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