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A borrower has arranged a $105,000 face value, bonused mortgage loan with a broker at an interest ...

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A borrower has arranged a $105,000 face value, bonused mortgage loan with a broker at an interest ...

A borrower has arranged a $105,000 face value, bonused mortgage loan with a broker at an interest rate of 10.8% compounded semiannually. Monthly payments are based on a 15-year amortization. A $5000 placement fee will be retained by the broker.

What is the effective annual cost, to the nearest 0.01%, of the funds actually advanced to the borrower if the contractual interest rate is for:

a) A five-year term?
b) A 10-year term?
c) The entire 15-year amortization period?

Textbook

Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

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