If you are transferred in 3 years what is your effective annual interest rate?

A home mortgage with monthly payments for 30 years is available at 6% interest. The home you are buy Show more A home mortgage with monthly payments for 30 years is available at 6% interest. The home you are buying cost $120000 and you have saved $12000 to meet the requirement for a 10% down payment. The lender charges points of 2% of the loan value as a loan origination and processing fee. The is fee is added to the initial balance of the loan. a)

A home mortgage with monthly payments for 30 years is available at 6% interest. The home you are buy Show more A home mortgage with monthly payments for 30 years is available at 6% interest. The home you are buying cost $120000 and you have saved $12000 to meet the requirement for a 10% down payment. The lender charges points of 2% of the loan value as a loan origination and processing fee. The is fee is added to the initial balance of the loan. a) What is your monthly payment? b) If you keep the mortgage until it is paid off in 30 years what is your effective annual interest rate? c) If you move to a larger house in 10 years and pay off the loan what is your effctive annual interest rate? d) If you are transferred in 3 years what is your effective annual interest rate? Written answer please. No spreadsheet calculations. Show less

b) If you keep the mortgage until it is paid off in 30 years what is your effective annual interest rate? c) If you move to a larger house in 10 years and pay off the loan what is your effctive annual interest rate? d) If you are transferred in 3 years what is your effective annual interest rate? Written answer please. No spreadsheet calculations. Show less

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