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assume that you borrowed $100,000 and the lender tells you you've 7% interest rate. you also have $1000 in closing costs. the APR on a 30 year fixed rate mortgage would be 7.10%
find the monthly payment for loan and closing costs=pmt(0.07/12,360.100000)
the format is : pmt (rate, nper,pv,fvtype)
.07 divided by is the rate (you're using a monthly ratye to find monthly payments
.360 is the number of periods
100000 is the presemt value of the loan
you should have resulted of $665.30
next solve for the APR
That was an example if you follow it well you will get the whole thing,
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