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Jen Anderson takes out a mortgage for $120,000. This is a loan of 30 years at $500 per month. This gives a total interest cost of $60,000. What is the APR using the formula?

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Respuesta :

Aliwohaish12
APR=(2yc)÷(m×(n+1))
APR=(2×12×60,000)÷(120,000×(360+1))
=0.0332×100=3.32%

Answer:

3.32%

Step-by-step explanation:

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