A borrower signs a $100,000 mortgage note payable in equal monthly installments over 30 years, with an
Fantastic news! We've Found the answer you've been seeking!
Question:
A borrower signs a $100,000 mortgage note payable in equal monthly installments over 30 years, with an interest rate of 6% per annum on unpaid balance. The lender charges a loan origination fee equal to 3% of the face amount of the loan. What is the effective interest rate?
Related Book For
Introduction to Management Accounting
ISBN: 978-0133058789
16th edition
Authors: Charles Horngren, Gary Sundem, Jeff Schatzberg, Dave Burgsta
Posted Date: