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bigexternal bigexternal
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7 years ago
You have just take out a 30-year, $120,000 mortgage on your new home. This mortgage is to be repaid in 360 equal end-of-month installments. If each of the monthly installments is $1,500, what is the effective annual interest rate on this mortgage?
A) 15.87%   
B) 14.75%   
C) 13.38%   
D) 16.25%   
E) 16.49%
Textbook 
Corporate Finance Online

Corporate Finance Online


Edition: 1st
Authors:
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We're using: Corporate Finance Online (Eakins, McNally)
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BlimpBlimp
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7 years ago
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Pol. Sci. Major
Minoring in Business
Columbia University Sophomore

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bigexternal Author
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#2
7 years ago
I was skeptic but after double checking it checks out, thanks
We're using: Corporate Finance Online (Eakins, McNally)
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