Top Posters
Since Sunday
w
3
w
3
e
3
3
r
3
b
2
M
2
V
2
f
2
c
2
c
2
K
2
Home Q & A Board Science-Related Homework Help Mathematics
New Topic  
johnnyappleseed johnnyappleseed
wrote...
Go to Answer
Posts: 140
Rep: 0 0
A year ago
A mortgage loan having a face value of $63,000 is arranged by a mortgage broker. From this face value, the broker deducted her fee of $3000. The mortgage is written at a contract rate of 8% compounded semiannually for a five-year term. Monthly payments are calculated on a 25-year amortization. What is the annual cost of borrowing, including the brokerage fee, expressed as an effective interest rate to the nearest 0.01%?
Textbook 
Business Mathematics in Canada

Business Mathematics in Canada


Edition: 11th
Authors:
Read 70 times
1 Reply
Replies
Answer verified by a subject expert
OCbobaOCboba
wrote...
#1
Posts: 134
Rep: 0 0
A year ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

johnnyappleseed Author
wrote...

A year ago
You make an excellent tutor!
riptide
wrote...

Yesterday
Just got PERFECT on my quiz
tcat
wrote...

2 hours ago
This site is awesome
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  433 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 27526
  
 121
  
 298