What is the comparison rate for this homeloan?

[engineer888]

Hi guys,

Just doing a few calculations on a homeloan and comparison rate calculation has got me stumped.
Loan Amount: $320,000
Loan Time: 30 years
Interest Rate:5.55%
Initial Costs:$4463
Monthly Fee: $15

So from this, with a fortnightly compounding frequency, I calculate the total amount I will pay back is $673,616.12 (as a present value). So how can I work out the comparison rate from this data?

Thanks

 

[Gatsby88]

There are different types of comparison rate.

I assume you mean APR (which I believe is just the % rate per year over the course of the loan term)

If we knew that the APR was say 15% on an initial amount of £3000 over 10 years then Id do

3000 * (1.15)^10 = 12,136

Now, you have some of these figures in your example and youre missing the APR. Set up the equation and solve it numerically