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You have just purchased a home by borrowing $400,000 for 30-years at a fixed apr of 3.87%. the loan payments are monthly and interest is compounded monthly. what is the periodic…

You have just purchased a home by borrowing $400,000 for 30-years at a fixed apr of 3.87%. the loan payments are monthly and interest is compounded monthly. what is the periodic…
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You have just purchased a home by borrowing $400,000 for 30-years at a fixed apr of 3.87%. the loan payments are monthly and interest is compounded monthly. what is the periodic interest rate?

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User Tobberoth
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8.3k points

1 Answer

2 votes
.0387/12 = .003225 = .3225%/month
answered
User Chriserwin
by
8.7k points
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