A botanist secures a 30-year mortgage for $517,000 at an annual interest rate of 4.275% with 1.5 points. The loan origination fee is 0.85 points of the loan amount. Calculate the APR (in percent) for the loan. (Round your answer to the nearest thousandth of a percent.)

A botanist secures a 30-year mortgage for $517,000 at an annual interest rate of 4.275% with 1.5 points. The loan origination fee is 0.85 points of the loan amount. Calculate the APR (in percent) for the loan. (Round your answer to the nearest thousandth of a percent.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 19P

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