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What monthly interest rate paying on the loan

You just borrowed $130,000 to buy a condo. You will repay the loan in equal monthly payments of $882.42 over the next 30 years.

What monthly interest rate are you paying on the loan?
What is the effective annual rate on that loan?
What rate is the lender more likely to quote on the loan?

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Finance Basics: What monthly interest rate paying on the loan

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Solution Preview :

Prepared by a verified Expert

Finance Basics: What monthly interest rate paying on the loan

Reference No:- TGS0559230

Have a Question? (oR Write a Review)

Recent Questions Asked Finance Basics

Q : Find present value of five-year lease arrangement

Q : Determine the transactions between the two companies

Q : Jenkins corporation-project npv

Q : How much to accept as payment today for payment in future

Q : What monthly interest rate paying on the loan

Q : Compute the amount of software cost amortization

Q : What is the amount allocated to ending inventory

Q : What is the difference in tax that would be paid

Q : What is the value of the ending inventory

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Solution Preview :

Prepared by a verified Expert

Finance Basics: What monthly interest rate paying on the loan

Reference No:- TGS0559230

Recent Questions Asked Finance Basics

Q : Find present value of five-year lease arrangement

Q : Determine the transactions between the two companies

Q : Jenkins corporation-project npv

Q : How much to accept as payment today for payment in future

Q : What monthly interest rate paying on the loan

Q : Compute the amount of software cost amortization

Q : What is the amount allocated to ending inventory

Q : What is the difference in tax that would be paid

Q : What is the value of the ending inventory

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