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Author Question: You have just taken out a 30-year mortgage on your new home for $120,000. This mortgage is to be ... (Read 110 times)

Haya94

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on: Apr 25, 2021

Question 1

You have just take out a 30-year, $120,000 mortgage on your new home. This mortgage is to be repaid in 360 equal end-of-month installments. If each of the monthly installments is $1,500, what is the effective annual interest rate on this mortgage?
◦ 15.87%
◦ 14.75%
◦ 13.38%
◦ 16.25%
◦ 16.49%

Question 2

You have just taken out a 30-year mortgage on your new home for $120,000. This mortgage is to be repaid in 360 equal monthly installments. If the stated (nominal) annual interest rate is 14.75 percent, what is the amount of each of the monthly installments? (Round to the nearest whole dollar.)
◦ $1,515
◦ $1,472
◦ $1,493
◦ $1,522
◦ $1,440
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Marked as best answer by Haya94 on Apr 25, 2021

trampas

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Reply #1 on: Apr 25, 2021
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Haya94

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Reply 2 on: Apr 25, 2021
Great answer, keep it coming :)

nyrave

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Reply 3 on: Yesterday
:D TYSM

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