Mr. Rich arranged for a mortgage loan for 65 percent of the $2.5 million purchase price of

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Mr. Rich arranged for a mortgage loan for 65 percent of the $2.5 million purchase price of a home. The monthly payment will be $10,400 and the mortgage term is 30 years. What is the EAR on this loan?

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Personal Finance

ISBN: 978-1133595830

12th edition

Authors: Thomas Garman, Raymond Forgue

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Posted Date: Sep 28, 2023 02:25 AM

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Mr. Rich arranged for a mortgage loan for 65 percent of the $2.5 million purchase price of

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To calculate the Effective Annual Rate EAR on a mortgage loan youll need to consider the interest ra... View the full answer

Personal Finance

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