What is the effective annual rate for the mortgage

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Reference no: EM131942763

1. You buy a house worth $350,000 with 20% down payment and a 30-year mortgage on the remaining value. If your monthly payment is $1,500, what is the annual percentage rate (APR) for the mortgage?

2. You buy a house worth $350,000 with 20% down payment and a 30-year mortgage on the remaining value. If your monthly payment is $1,500, what is the effective annual rate (EAR) for the mortgage?

a. 4.98%; b.5.10%; c.6.12%; d.2.82%

Reference no: EM131942763

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