Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. you have just purchased a house and borrowed $80,0

You have just purchased a house and borrowed $80,000 towards the purchase. The amount is...

90.2K

Verified Solution

Question

Finance

You have just purchased a house and borrowed $80,000 towards the purchase. The amount is to be repaid over a period of 11 years in payments of $1,000 each month. What is the Annual Percentage Rate (APR) of the loan? please explain the formula or excel func you use to solve. thanks!

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

DOUBLE LEG BRIDGE WITH RESISTANCE (362): 1. What is the PRIMARY muscle (agonist) responsible for holding tension...

Medical Sciences
Q

If you were evaluating a project and only quantitative data was available for your inspection, what...

Civil Engineering
Q

Transitional epithelium is a special type of stratified epithelium that is found in the system...

Biology
Q

A heat engine operates between a high temperature reservoir at 610 K and a low...

Physics
Q

Three particles start from origin at the same time with a velocity 2ms 1 along...

Physics
Q

In a survey 10 people were asked how much they spent on their child s...

Statistics
Q

The cash account of Grande Home Improvement Store shows the following: a debit on June...

Accounting
Q

Rafner Manufacturing identified the following budgeted data in its two production...

Accounting
Q

Flexible Budgeting and Variance Analysis Belgian Chocolate Company makes dark chocolate and light chocolate. Both...

Accounting
Q

IFRS vs. GAAP: Highlight key differences between International Financial Reporting Standards (IFRS) and Generally Accepted...

Accounting
Q

Which of the following funds typically do not record budgets? Multiple Choice O Enterprise Funds....

Accounting
Q

Preston Company has three divisions. The company should consider a cost to be a direct...

Accounting