Question: Give the two Excel formulas that can be used to obtain the APR and the effective mortgage rate for the mortgage. When calculating the effective

Give the two Excel formulas that can be used to obtain the APR and the effective mortgage rate for the mortgage. When calculating the effective mortgage rate, assume that the mortgage will be held for 10 years.
1. A 20-year mortgage of $80,000 carrying a stated interest rate of 6% and three points
2. A 15-year mortgage of $180,000 carrying a stated interest rate of 9% and two points

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1 APR n 2012 240 P 80000 0380000 77600 12 RATE n R P 0 12 RATE 240 57314 77600 0 638 e... View full answer

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