A professional couple wishes to purchase a new home costing, Financial Management

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A professional couple wishes to purchase a new home costing

A professional couple wishes to purchase a new home costing $750,000, make a 20 percent down payment, and finance the remaining $600,000. The rate quoted for a conventional 30-year loan is 6 percent interest with 2.725 percent in points and $ 16,159 in other closing costs.

Use the additive approach to determine the APR (see Example 3.6 ).

APR(sub) =

APR(add) =

APR(ADD W/PT on ALL) =

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