A botanist secures a 30-year mortgage for $412,000 at an annual interest rate of 4.625% with 1.3 points. The loan origination fee is 0.85 pointof the loan amount. Find the APR (in percent) for the loan. Round to the nearest thousandth of a percent.

A botanist secures a 30-year mortgage for $412,000 at an annual interest rate of 4.625% with 1.3 points. The loan origination fee is 0.85 pointof the loan amount. Find the APR (in percent) for the loan. Round to the nearest thousandth of a percent.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 61P

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