"you decide to purchase a building for $30,000 by paying $5,000 down and assuming a mortgage of $25,000. the bank offers you a 15-year mortgage requiring annual end-of-year payments of $3,188 each. the bank also requires you to pay a 3 percent loan origination fee, which will reduce the effective amount the bank lends to you. compute the annual percentage rate of interest of this loan."
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Category: science | Author: Sarah Aksinia
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