Mr. Bob White is offered a mortgage loan for $100,000 with an interest rate of 10% and a 30-year amortization period with monthly payments. The origination fee is 1% of the loan and the lender charges two discount points. What is the effective interest rate for the lender?

 

Answer rating: 100% (QA)

The effective interest rate for the lender is the annual percentage rate APR which includes the inte... View the full answer