Brad Henderson takes out a mortgage for $300,000. This is a 30 year Loa at $1,000 a month. This is a total interest of 60,000. W

Question

Ipatiy [6.2K]

4 years ago

15

Brad Henderson takes out a mortgage for $300,000. This is a 30 year Loa at $1,000 a month. This is a total interest of 60,000. W

hat is the APR using the formula to the nearest tenth

Mathematics

1 answer:

antoniya [11.8K] · Answer 1 · 2021-12-26T02:06:34+03:00

Answer: The interest rate on this loan would be about 1.26%.

To find this amount, you simply need to input all of the given information into your formula and work backwards to find the rate. There are also numerous online calculators that will help you solve this problem.

You have to enter the loan amount of $300,000, the term of 30 years and the payment amount of $1000. With these values, you have enough information to find a rate of about 1.26%.