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A house price of $235,000 can be financed with the two loans with monthly payments: Loan Amount Term (years) Interest Rate Loan 1 $ 180,000 30 5% Loan 2 $ 20,000 30 7% What is...

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Finance

A house price of$235,000 can be financed with the two loans with monthlypayments:

LoanAmountTerm(years)InterestRate
Loan1$180,000305%
Loan2$ 20,000307%

What is the annualcost if there are no costs associated with the two loans and theborrower will hold the loan for entire term?

5.21%

5.81%

6.21%

6.81%

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Transcribed Image Text

A house price of$235,000 can be financed with the two loans with monthlypayments:LoanAmountTerm(years)InterestRateLoan1$180,000305%Loan2$ 20,000307%What is the annualcost if there are no costs associated with the two loans and theborrower will hold the loan for entire term?5.21%5.81%6.21%6.81%

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