The annual percentage rate (APR) on a mortgage is:
Question 21 options:1)the contract rate as established by the lender2)the effective yield taking
into account discount points3)the rate for the first year only4)the monthly rate multiplied by
twelve
Solution
4) the monthly rate multiplied by twelve.
The annual percentage rate (APR) on a mortgage isQuestion 21 opti.pdf
1. The annual percentage rate (APR) on a mortgage is:
Question 21 options:1)the contract rate as established by the lender2)the effective yield taking
into account discount points3)the rate for the first year only4)the monthly rate multiplied by
twelve
Solution
4) the monthly rate multiplied by twelve