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Marizza181 [45]
3 years ago
13

Jen Anderson takes out a mortgage for $120,000. This is a loan of 30 years at $500 per month. This gives a total interest cost o

f $60,000. What is the APR using the formula?
Mathematics
2 answers:
velikii [3]3 years ago
7 0
APR=(2yc)÷(m×(n+1))
APR=(2×12×60,000)÷(120,000×(360+1))
=0.0332×100=3.32%
Evgesh-ka [11]3 years ago
5 0

Answer:

3.32%

Step-by-step explanation:

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