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.
APR does not apply just to mortgage loans; consumers may also receive an APR when they apply for a credit card. The exact APR calculation should be part of the loan agreement or described by whatâs called a good faith estimate issued by the lender. Use Bankrateâs mortgage annual percentage rate calculator to determine what your APR is. Annual percentage rate example When shopping for a mortgage, the borrower should understand that APR is an annualized interest rate that is calculated by taking the base interest rate and adding points, fees and closing costs to the total.