Dr. John Theodore is considering the purchase of a new home. The current market value of the
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Dr. John Theodore is considering the purchase of a new home. The current market value of the house he has chosen is $500,000. He's going to put 15% cash down. He is looking at a 15 year mortgage at 4.7% interest. He also expects to have PMI insurance of $2,400/year (this will be rolled into his payments). The loan fees for this transaction is expected to be $4,500. Calculate the APR of this transaction.
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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