A botanist secures a 30-year mortgage for $517,000 at an annual interest rate of 4.275% with 1.5 points. The loan origination fee is 0.85 points of the loan amount. Calculate the APR (in percent) for the loan. (Round your answer to the nearest thousandth of a percent.)

A botanist secures a 30-year mortgage for $517,000 at an annual interest rate of 4.275% with 1.5 points. The loan origination fee is 0.85 points of the loan amount. Calculate the APR (in percent) for the loan. (Round your answer to the nearest thousandth of a percent.)

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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