What was stacys monthly payment what is stacys actual, Financial Management

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What was stacys monthly payment what is stacys actual

Stacy bought a condo with a 40 year fixed rate self-amortizing mortgage loan for $500,000 with 5 % annual interest. Stacy paid 4.5 discount points and 5,000 dollars in closing cost.

1. What was Stacy's monthly payment?

2. What is Stacy's Actual Percentage Rate?

3. What is the effective cost if Stacy keeps this loan for 7 years?

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