A mortgage loan in the amount of $100,000 is made at 6 percent interest for 20 years.
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Question:
A mortgage loan in the amount of $100,000 is made at 6 percent interest for 20 years. Payments are to be monthly in each part of this problem.
Assume that the lender charges 3 points to close the loans in parts a (1) through a (4). What would be theAPRfor each?
- APR if fully amortizing
- APR if partial amortizing
- APR if interest only
- APR if negative amortization
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