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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 134 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
Corporate Finance Online ¦ Eakins, McNally ¦ 2nd Edition
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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
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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Haya94

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Reply 2 on: Apr 25, 2021
YES! Correct, THANKS for helping me on my review

aliotak

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Reply 3 on: Yesterday
Wow, this really help

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