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  3. 4. a $600,000 cpm fully amortizing loan is made, a

4. A $600,000 CPM fully amortizing loan is made, at a 4% interest rate compounded monthly,...

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Finance

4. A $600,000 CPM fully amortizing loan is made, at a 4%interest rate compounded monthly, for a 30 year term. Loan comeswith a charge of 5 points. What is the effective annual rate on theloan?

*do work in EXCEL please*

Answer & Explanation Solved by verified expert
4.5 Ratings (899 Votes)
Effective rate 443First find the monthly    See Answer
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Transcribed Image Text

4. A $600,000 CPM fully amortizing loan is made, at a 4%interest rate compounded monthly, for a 30 year term. Loan comeswith a charge of 5 points. What is the effective annual rate on theloan?*do work in EXCEL please*

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