Question: Give the two equations that can be solved for i with a graphing calculator to obtain the monthly interest rates corresponding to the APR and

Give the two equations that can be solved for i with a graphing calculator to obtain the monthly interest rates corresponding to the APR and the effective mortgage rate. Assume that the loans will be held for 5 years.
1. A 15-year mortgage of $120,000 carrying a stated interest rate of 9% and one point
2. A 20-year mortgage of $150,000 carrying a stated interest rate of 6% and three points?

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1 APR n 1512 180 P 120000 001120000 118800 Yields 917 Effective rate m ... View full answer

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