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3. You are a loan office at the First Federal Trust of Sudbury (FFTS) and wish to offer an interest-only, twenty year, fixed rate Canadian

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3. You are a loan office at the First Federal Trust of Sudbury (FFTS) and wish to offer an interest-only, twenty year, fixed rate Canadian mortgage with a monthly coupon rate of .28% (28 basis points) to a prospective home buyer. What would you announce to him as the annual rate on this mortgage? a. 8.17% b. 9.01% c. 1.054% d. 3.38% e, 6.17%

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