A bank has agreed to lend you $53,000 for a home loan. The loan will be...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A bank has agreed to lend you $53,000 for a home loan. The loan will be fully amortized over 39 years at 13.50%, with .44 points. The loan payments will be monthly. The closing cost is estimated to be $3,894 and you plan to refinance the mortgage in 8 years. Calculate the APR. 15.5079% O 14.4409% O 15.0708% O 14.8530% A bank has agreed to lend you $53,000 for a home loan. The loan will be fully amortized over 39 years at 13.50%, with .44 points. The loan payments will be monthly. The closing cost is estimated to be $3,894 and you plan to refinance the mortgage in 8 years. Calculate the APR. 15.5079% O 14.4409% O 15.0708% O 14.8530%
Expert Answer:
Posted Date:
Students also viewed these finance questions
-
How does a project manager calculate start and finish times?
-
A frozen-food company freezes its spinach by first compressing it into large slabs and then exposing the slab of spinach to a low-temperature cooling medium. The large slab of compressed spinach is...
-
Why is the selection of auditees critical to the successful performance of the audit function?
-
Show that you understand how changes in current liabilities affect the statement of cash flows.
-
Anthony and Karen were partners doing business as the Petite Garment Company. Leroy owned a dye plant that did much of the processing for the company. Anthony and Karen decided to offer Leroy an...
-
Calculate the value of a bond that matures in 16years and has a $1,000par value. The annual coupon interest rate is 12percent and the market's required yield to maturity on a comparable-risk bond is...
-
Research indicates that many CEOs feel that a prerequisite for global industry dominance is O being socially responsible. O understanding culture and geography. developing a company global mind-set....
-
2. (10 marks) Let the relation on Z be defined by xuy if and only if x = y (mod 4). (i) (1 mark) Is reflexive? (ii) (2 marks) Isu symmetric? (iii) (2 marks) Is antisymmetric? (iv) (2 marks) Is...
-
Blackhawk just paid a dividend of $2.56 and is expected to increase the future dividends at a rate of 5% per year indefinitely.If you as a shareholder require 15% per year what is the current price...
-
Maranah Med Ltd. Manufactures a product each unit of which requires two kilos of a material called prudice.Production for the months of September 2011 to January 2012 is budgeted as: 2011Number of...
-
Zoller Company produces a dark chocolate candy bar. Recently, the company adopted the following standards for one bar of the candy: Direct materials (6.30 oz. @ $0.20) $1.26 Direct labor (0.08 hr. @...
-
Suppose the JPY/USD spot exchange rate is 100.78/$, the 90-day forward rate is 98.98/$. What is the annualized forward premium/discount in % term? Assume that one year has 360 days. Hint 1: provide...
-
14. An investor starts with $1 million and converts it to 0.75 million pounds, which is then invested for one year. In a year the investor has 0.7795 million pounds, which she then converts to...
-
How can you tell from the vertex form y = a(x - h) 2 + k whether a quadratic function has no real zeros?
-
Assuming the indirect method is used to prepare the statement of cash flows, tell whether each of the following items would appear (a) in cash flows from operating activities, (b) in cash flows from...
-
Lower of Cost and Net Realizable Value} Silk Road Systems sells a limited line of specially made products, using television advertising campaigns in large cities. At year-end, Silk Road has the...
-
During 20x7, Minh Corporation had a net income of $144,000. Included on its income statement were depreciation expense of $16,000 and amortization expense of $1,800. During the year, Accounts...
Study smarter with the SolutionInn App