Calculator Problem – 11/04/2013

You get a loan for $100,000 at 6% for 30 years fixed with $3000 in loan fees paid at closing. What is the APR of the loan?

(The answer will be posted with the new calculator problem in 2 weeks. Or if you can’t wait that long, you can go to https://www.facebook.com/garyjohnstonseminars for the answer.)

Answer for 10/21/2013 problem:

(N=180,I=4,PV=150,000,FV=0) PMT =  $1109.53
(N=360,I=4.5,PV=150,000,FV=0) PMT = $760.03
Difference                                                 $349.50