AllaaCreccabv AllaaCreccabv
  • 24-02-2017
  • Mathematics
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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?

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Aliwohaish12
Aliwohaish12 Aliwohaish12
  • 25-02-2017
.0387/12 = .003225 = .3225%/month
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