You have been offered a 30-year mortgage at 6.00% for $300,000. The original loan to...
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Accounting
You have been offered a 30-year mortgage at 6.00% for $300,000. The original loan to value is 90% and thus the loan requires PMI. The loan requires PMI payments of $120 per month for 100 payments. What is the effective interest rate on this loan if paid over the 30-year period?
Please input your answer as a percentage (i.e. 7.52% would be input as 7.52). the answer is not 6.51% or 6.17.
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