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Mortgages have an APR (annual percentage rate—a stated rate) of 3

Finance

Mortgages have an APR (annual percentage rate—a stated rate) of 3.84% on fixed-interest-rate loans. Payments and compounding are monthly.

 

  1. What is the periodic (effective) monthly rate?
  2. You wish to take out a 30-year, fixed-rate mortgage. You can afford monthly payments of $3,800. Assume that fees are included in the loan. How much can you afford to borrow?

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4.94 USD

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