Consider a 7.5%, $145,000, 25-year mortgage loan with 1/2% origination fee, 3/4 of a point, $550 mortgage insurance fee, $360 document prep fee, $395 appraisal fee, $663 title insurance fee, $125 credit report fee, $75 recording fee, and $500 to be placed in escrow. Calculate the reportable APR%
Consider a 7.5%, $145,000, 25-year mortgage loan with 1/2% origination fee, 3/4 of a point, $550 mortgage insurance fee, $360 document prep fee, $395 appraisal fee, $663 title insurance fee, $125 credit report fee, $75 recording fee, and $500 to be placed in escrow. Calculate the reportable APR%
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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Consider a 7.5%, $145,000, 25-year mortgage loan with 1/2% origination fee, 3/4 of a point, $550 mortgage insurance fee, $360 document prep fee, $395 appraisal fee, $663 title insurance fee, $125 credit report fee, $75 recording fee, and $500 to be placed in escrow. Calculate the reportable APR%
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