You take a loan on $200,000 for 30 years, at the annual nominal interest rate of 6%, compounded monthly. The loan installments also have to be paid monthly. The bank’s APR is 6.8%. What is the amount of fees the bank is charging you?
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You take a loan on $200,000 for 30 years, at the annual nominal interest rate of 6%, compounded monthly. The loan installments also have to be paid monthly. The bank’s APR is 6.8%. What is the amount of fees the bank is charging you?