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Author Question: What would be the real cost of borrowing in the following case? A home equity loan is advertised at ... (Read 42 times)

pragya sharda

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on: Nov 11, 2019
What would be the real cost of borrowing in the following case? A home equity loan is advertised at three percent compounded monthly, however, there is a legal fee of $400 and appraisal fee of $450 to set up the house as collateral. If Sarah needs to borrow $20 000 for one year, at which time will be able to repay the full amount, what is the effective rate of borrowing the $20 000 for the year?
◦ 4.25%
◦ 7.29%
◦ 3.04%
◦ 7.25%
Personal Finance ¦ Madura, Gill ¦ 3rd Edition
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Marked as best answer by pragya sharda on Nov 11, 2019

pikon

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Reply #1 on: Nov 11, 2019
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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pragya sharda

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Reply 2 on: Nov 11, 2019
Great answer, keep it coming :)

mjenn52

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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