Brad Henderson takes out a mortgage for $300,000. This is a 30-year loan at $1,000 per month. This is a total interest of $60,00
0. What is the APR using the formula (to the nearest tenth)?
1 answer:
APR=(2yc)÷(m×(n+1))
APR=(2×12×60,000)÷(300,000×(360+1))
APR=0.0133×100=1.33%
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