The buyer of a new home is quoted a mortgage rate of 0.5% per month. What is the EAR on the loan?
A) 0.50%
B) 6.00%
C) 6.17%
D) 6.52%
Answer: C
The buyer of a new home is quoted a mortgage rate of 0.5% per month. What is the EAR on the loan?
A) 0.50%
B) 6.00%
C) 6.17%
D) 6.52%
If the answers is incorrect or not given, you can answer the above question in the comment box. If the answers is incorrect or not given, you can answer the above question in the comment box.