• anonymous
Matt Johnson takes out a mortgage for $240,000. There is a loan of 30 years at $1,200 per month. This gives a total interest of $182,000. What is the APR using the formula?
  • Stacey Warren - Expert
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  • schrodinger
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  • amistre64
182+240 = 240(1+.%)^30 422/240 = (1+.%)^30 30rt(211/120) = 1 + .% 30rt(211/120) - 1 = .% =abt .01899 APR might be abt 1.9%

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