Dpyle9840 Dpyle9840

25-08-2017
Mathematics

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Brad Henderson takes out a mortgage for $300,000. This is a 30-year loan at $1,000 per month. This is a total interest of $60,000. What is the APR using the formula (to the nearest tenth)?

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Aliwohaish12 Aliwohaish12

25-08-2017

APR=(2yc)÷(m×(n+1))
APR=(2×12×60,000)÷(300,000×(360+1))
APR=0.0133×100=1.33%

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