Alpha Geek

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  • bachelor in business administration
    Polytechnic State University Sanluis
    Jan-2006 - Nov-2010

  • CPA
    Polytechnic State University
    Jan-2012 - Nov-2016

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    Harvard Square Academy (HS2)
    Mar-2012 - Present

Category > Business & Finance Posted 04 Aug 2017 My Price 7.00

Suppose you have agreed to a bank loan of $120,000, for which the bank charges no fees

Suppose you have agreed to a bank loan of $120,000, for which the bank charges no fees but 2 points. The quoted interest rate

 

is .5% per month. You are required to pay only the accumulated interest each month for the next 36 months, at which point you must make a bal- loon payment of the still-owed $120,000. What is the effective interest rate of this loan?

Answers

Alpha Geek
(8)
Status NEW Posted 04 Aug 2017 02:08 PM My Price 7.00

 1----------- po-----------int----------- is----------- eq-----------ual----------- to----------- 1%-----------. T-----------her-----------efo-----------re -----------2po-----------int----------- is----------- eq-----------ual----------- to----------- 2 -----------poi-----------nt.----------- Ba-----------nk -----------ori-----------gin-----------ati-----------on -----------fee-----------s =----------- am-----------oun-----------t o-----------f l-----------oan----------- x -----------poi-----------nt -----------cha-----------rge-----------s =----------- 12-----------0,0-----------00 -----------x 2-----------% =----------- 2,-----------400----------- Am-----------oun-----------t r-----------ais-----------ed

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