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6. Please solve it in detailed by hand. Property worth S462,000.00 can be purchased for 5% down and monthly mortgage payments of $2550.00 for 30

6. Please solve it in detailed by hand. image text in transcribed
Property worth S462,000.00 can be purchased for 5% down and monthly mortgage payments of $2550.00 for 30 years. What effective annual rate of interest is charged? The effective annual rate of interest is % (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)

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