What is the amount of the fees the bank is charging
Question:
You take a loan on $500,000 for 30 years at the annual nominal interest rate of 6% compounded monthly. The loan installments also have to be paid monthly. The bank's APR is 6.7%. What is the amount of the fees the bank is charging you?
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The bank's APR is 6.7%. What is the amount of the fees the bank is charging you?
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