Compute the effective interest rate per period and, Financial Management

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Compute the effective interest rate per period and

Before you take a loan you compare two banks: Bank A offers a 30-year mortgage loan of $100,000 with interest rate of 8.7% and annual percentage rate (APR) of 9.2%. Bank B offers a 30- year mortgage loan of $100,000 with interest rate of 8.9% and APR of 9.1%. Both loans must be paid back monthly. For each bank, compute the effective interest rate per period and calculate the total amount of fees that it charges.

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