your given the following information about a home loan: loan amount 300000 number of years 25 years interest rate per year 7% point charges 3% If the loan is paid off after 6 years what will be the APR and IRR earned by the bank? Whay is the monthy payment for the loan? What will be the loan balance after 6 years?

your given the following information about a home loan: loan amount 300000 number of years 25 years interest rate per year 7% point charges 3% If the loan is paid off after 6 years what will be the APR and IRR earned by the bank? Whay is the monthy payment for the loan? What will be the loan balance after 6 years?

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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