A botanist secures a 30-year mortgage for $416,000 at an annual interest rate of 3.125% with 1.2 points. The loan origination fee is 0.85 point of 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 $416,000 at an annual interest rate of 3.125% with 1.2 points. The loan origination fee is 0.85 point of the loan amount. Find the APR (in percent) for the loan. Round to the nearest thousandth of a percent.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 10P

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