1 assume you buy a home and borrow 125000 at 64 for 20, Ask an Expert

Finance

1. Assume you buy a home and borrow $125,000 at 6.4% for 20 years. You pay a total of $6,238 for origination fee, points, and mortgage insurance. In addition you pay other loan costs of $2,182. You pay the first year s hazard insurance premium of $385 and are required to deposit $295 into an escrow account. What is the reportable APR?

a. 7.05%

b. 7.30%

c. 7.34%

d. 7.37%

2. You buy a wedding gown for $2,999, plus sales tax of 7.5%. The retailer finances the entire amount (including the sales tax) for 3 years and says you will be charged 12% interest. However, the retailer uses the add-on method. Calculate your monthly payment.

a. $121.79

b. $107.08

c. $99.61

d. $106.02

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92884209

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