Answer to your question - 637

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Price: $5.00
  • From: ,
  • Posted on: Thu 01 Mar, 2012
  • Request id: # 557
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Solution Description

 

www.quickenloans.com

 

30-Year Fixed  (4.165% APR) 15-Year Fixed (3.555% APR) 5-Year Adjustable Rate Mortgage (3.267% APR)

 

EAR = [(1+i/n)^n] -1 where i= annual interest rate and n= number of compounding periods. We will assume a monthly compounding period.

EAR:

 

30 year = 4.2454   ((1+0.04165/12)^12)-1)
15 year = 3.6135
5 year = 3.316366

 

 

 

 

 

http://www.gmacmortgage.com/

 

 

 

30 Year Fixed4.247%, 15 Year Fixed 3.751%, 5 Year, 3.500%

EAR:

 

30 year = 4.330653
15 year = 3.816164
5 year = 3.556695

 

 

 

 

 

 

 

&nb