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A house costs $138,000. It is to be paid off in exactly ten years, with monthly payments of $1675. What is the APR of this loan?

Respuesta :

ahmedanis900

Answer:

45.65%

Explanation:

Cost of House = $138,000

Total Annual Payments Cost = $138,000/12

                                              = $ 13,800

Total Payments made = $1,675*12*10

                                  = $ 20,100*10

                                  = $ 200,100

APR = (20,100-13,800)/13,800

        = 45.65%

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