The bank also requires you to pay a 3 percent loan, Financial Management

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The bank also requires you to pay a 3 percent loan

You decide to purchase a building for $30,000 by paying $5,000 down and assuming a mortgage of $25,000. The bank offers you a 15-year mortgage requiring annual endof-year payments of $3,188 each.

The bank also requires you to pay a 3 percent loan origination fee, which will reduce the effective amount the bank lends to you. Compute the annual percentage rate of interest on this loan.

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Financial Management: The bank also requires you to pay a 3 percent loan

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