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1 year ago

A $150,000 loan has monthly interest-only payments of $1,000. its annual interest rate is:________

Business

1 answer:

kow [346]1 year ago

7 0

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%.

Read more about the annual interest rate

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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.

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