You have just purchased a home by borrowing $400,000

You have just purchased a home by borrowing $400,000

Question # 00518079 Posted By: katetutor Updated on: 04/26/2017 08:28 AM Due on: 04/26/2017
Subject Finance Topic Finance Tutorials:
Question
Dot Image

You have just purchased a home by borrowing $400,000 for 30-years at a fixed APR of 3.87%. The loan payments are monthly and interest is compounded monthly.

What is the periodic interest rate? (I.e., what is the monthly interest rate?)

*Make sure to input all percentage answers as numeric values without symbols, and use four decimal places of precision. For example, if the answer is 6%, then enter 0.0600.

Dot Image
Report this Question as Inappropriate
Tutorials for this Question
  1. katetutor
    Tutorial # 00514953 Posted By: katetutor Posted on: 04/26/2017 08:29 AM
    Puchased By: 3
    Tutorial Preview
    The solution of You have just purchased a home by borrowing $400,000...
      Get the Solution
    Attachments
    Solution-00514953.zip (77 KB)
    Recent Feedback
    Rated By Feedback Comments Rated On
    7leve...usness Rating Quick response, instant solutions 06/22/2019
  Get the Solution

Great! We have found the solution of this question!

Related Questions and Answers

Whatsapp Lisa