25 Year Mortgage Rates
You decide to purchase a building for $30,000 by paying $5,000 down and assuming a mortgage of $25,000. The ba?
The bank offers you a 15-year mortgage requiring annual end-of-year payments of $3,188 each. The bank also requires you to pay a 3 percent loan origination fee, which will reduce the effective amount the bank lends to you. Compute the annual percentage rate of interest on this loan.
Could someone please explain how I can find this answer?
You use a calculator.