Question: PUT ANSWER IN TWO DECIMAL PLACES 16. You are going to use a mortgage to buy a house. This mortgage will have an initial balance

PUT ANSWER IN TWO DECIMAL PLACES

16. You are going to use a mortgage to buy a house. This mortgage will have an initial balance of $200,000. You go online to a bank and they make you an offer. You can get a 3.30% loan for 30 years with 3 points. If you anticipate staying in the house for 10 years, what would be the effective (annual) interest rate of the loan? Please put your answer in percentage with two decimal places for instance put 7.63 for 7.63%. Please enter a positive value

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