Given the following information about a fully amortizing loan, calculate the lender’s yield (rounded to the nearest tenth of a percent): loan amount: $166,950; term: 30 years; interest rate: 8%; monthly payment: $1,225.00; discount points: 2.

Answer:

c. 8.5%

Explanation:

Note: The following is the missing part. Other Closing Expenses: $3,611.  A. 7.7% , B. 8.2%, C. 8.5%, D. 9.1%

Loan = $166,950

Rate = 8%

Life = 30 yrs

Period = 360

Installment = -1,225

Particulars                    Amount

Loan                              $166,950

Less: Discount points   $3339

Less: Closing costs       $3611

Net Borrowing              $160,000

Now, we find the Effective borrowing Rate with the aid of MS Excel

Effective borrowing Rate = Rate(Nper, PMT, PV)

Effective borrowing Rate = Rate(360, -1225, 160000)

Effective borrowing Rate = 0.007044637(Monthly)

Annual Effective rate = 0.007044637 * 12

Annual Effective rate = 0.084535644

Annual Effective rate = 8.4535644%

Annual Effective rate = 8.5%

A lender is a person, a private or government institution, or a major bank that lends money to a person or a company with the anticipation of reimbursement. Repayment of every payment or cost will be included in the repayment.

The correct answer is c. 8.5%

The given information is:

Loan = $166,950

Rate = 8%

Life = 30 yrs

Period = 360

Installment = -1,225

Particulars                    Amount  

Loan                              $166,950  

Less: Discount points   $3339  

Less: Closing costs       $3611  

Net Borrowing             $160,000

Calculation of the  Effective borrowing Rate  

Effective borrowing Rate = Rate(Nper, PMT, PV)

Effective borrowing Rate = Rate(360, -1225, 160000)

Effective borrowing Rate = 0.007044637(Monthly)

Annual Effective rate = [tex]0.007044637 \times 12[/tex]

Annual Effective rate = 0.084535644

Annual Effective rate = 8.4535644%

Annual Effective rate = 8.5%

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Lower Control Limit ​(LCLx​) ​= nothing inches ​(round your response to four decimal​ places).
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