Calculating APR Find the APR for the following 5-year loan: A principal of 15,000 with a stated
Question:
Calculating APR Find the APR for the following 5-year loan: A principal of £15,000 with a stated annual interest rate of 7 per cent on the original principal amount to be paid in 60 monthly instalments. The loan has a £250 arrangement fee to be paid as soon as the contract is signed.
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Step by Step Answer:
To calculate the Annual Percentage Rate APR for this loan we need to first convert the periodic inte...View the full answer
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Related Book For 
Corporate Finance
ISBN: 9780077173630
3rd Edition
Authors: David Hillier, Stephen A. Ross, Randolph W. Westerfield, Bradford D. Jordan, Jeffrey F. Jaffe
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