Prepaid finance charges, "A borrower takes a $300,000 loan

Prepaid finance charges

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Reference no: EM13872444

"A borrower takes a $300,000 loan with fixed rate of 4% amortized with monthly payments over 30 years. There are prepaid finance charges of 1 point on the loan amount plus $1,500. Calculate the APR. [Format Answer as a percentage - X.XX]"

Reference no: EM13872444

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