If you decide to pruchase a building for 30,000 by paying 5000.00 down and assuming a mortgage of 25,000. The bank offers you a 15-year mortgage requiring annual end of year payments of 3,188 each. The bannk also requires you to pay a 3 percent loan origination fee, which wil reduce the effective amount the bank lends to you. Compute the annual percentage rate of interest on this loan.
My answer is PVAN0 = 30,000-5000 (down) -750 origination fee. I dont have a financil calculator to figure