A $150,000 loan has monthly interest-only payments of $1,000. its annual interest rate is 8 percent. Option C
This is further explained below.
<h3>What is the annual interest rate?</h3>
Generally, The annual cost of borrowing money, including any associated fees, is referred to as the Annual Percentage Rate (APR). This rate is given as a percentage.
In conclusion, The equation for Rate is mathematically given as
R= payment / principal,
Where
$1,000 x 12 = $12,000
Therefore
$12,000 / $150,000 principal
Rate = 8%.
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complete question
A $150,000 loan has monthly interest-only payments of $1,000. Its annual interest rate is
3 percent.
6.5 percent.
8 percent.
12.5 percent.
