You have just borrowed $170,000 to buy a condo. You will repay the loan in equal monthly payments of $1,790.48 over the next 25 years.
What monthly interest rate are you paying on the loan? (Do not round intermediate calculations. Round your answer to 2 decimal Places) Monthly interest rate ………………%.
What is the APR? (Do not round intermediate calculations. Enter your answer as a whole percent.) APR …………….%.
What is the effective annual rate on that loan? (Do not round intermediate calculations. Round your answer to 2 decimal Places) Effective annual rate ………………%.
What rate is the lender more likely to quote on the loan? APR or EAR.