How much did you borrow what is the loans effective annual, Financial Management

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How much did you borrow what is the loans effective annual

The monthly mortgage-loan payment on your house is $2,490. The loan is a 20-year loan and its interest rate is 5.1% APR. (a) How much did you borrow? (b) What is the loan’s effective annual rate (EAR)? (c) What will the loan balance be after six years (that is, immediately after the 72nd payment is made)?

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Financial Management: How much did you borrow what is the loans effective annual

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