You want to borrow 300000 to start a business the loans, Ask an Expert

Economics

You want to borrow $300,000 to start a business. The loan's initial balance is increased by 2% of the loan's face value for loan origination fees, mortgage insurance, credit checks, title searches, etc. Your annual payments are calculated using an initial balance of $306,000, an interest rate of 9%, and a 20-year term. The bank requires you to refinance the loan in 5 years by paying it off with a balloon payment. What interest rate are you paying?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M92637534

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