Definition of mission for Students. 1 : a task that is assigned or begun. 2 : a task that is regarded as a very important duty She thinks of teaching as her mission. 3 : a group of missionaries. 4 : a group of people sent by a government to represent it in a foreign country.
15-Year Fixed-Rate Mortgage: The payment on a $200,000 15-year Fixed-Rate Loan at 2.875% and 70.00% loan-to-value (LTV) is $1369.18 with 2.125 points due at closing. The Annual Percentage Rate (APR) is 3.311%. Payment does not include taxes and insurance premiums.
Modified 0% Loan. Calculating the APR of a modified 0% loan using a 12% annual interest rate and a two year amortization period is shown below. The 12% interest rate was chosen so that the monthly interest charges are easier to view. The two year amortization period was selected so the complete schedule could be shown on the screen captures.