Assume that you have taken out a 30-year mortgage of $240,000 and that your monthly payments are 1,853.90. What is your annual interest rate on the mortgage loan? (find the closest answer) 8.55 % 8.61 % 8.89 % 9.1490 9.45%
Assume that you have taken out a 30-year mortgage of $240,000 and that your monthly payments are 1,853.90. What is your annual interest rate on the mortgage loan? (find the closest answer) 8.55 % 8.61 % 8.89 % 9.1490 9.45%
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 7FPE: Calculating interest and APR of installment loan. Assuming that interest is the only finance charge,...
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![Assume that you have taken out a 30-year mortgage of $240,000 and that your
monthly payments are 1,853.90. What is your annual interest rate on the mortgage
loan? (find the closest answer)8.55 % 8.61 % 8.89 % 9.1490 9.45%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0d805002-953c-4ff7-8116-98a730a7a7ac%2Fc39388c7-9ace-4b64-8c2b-b3c30e7a859c%2Fvkc49nt_processed.png&w=3840&q=75)
Transcribed Image Text:Assume that you have taken out a 30-year mortgage of $240,000 and that your
monthly payments are 1,853.90. What is your annual interest rate on the mortgage
loan? (find the closest answer)8.55 % 8.61 % 8.89 % 9.1490 9.45%
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