What is the apr of the loan, Financial Management

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What is the apr of the loan

Problem

Suppose you borrow $240,000 at 6.75% for 30 years, monthly payments with two discount points. Your mortgage contract includes a prepayment penalty of 5% over the entire loan term.

i. What is the APR of this loan?

ii. What is the effective cost if you prepay the loan at the end of year five?

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Financial Management: What is the apr of the loan

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Financial Management: What is the apr of the loan

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