Question
A $160,000.00 mortgage with a 20-year term is repaid by making monthly payments of $1,361.00. What is the rate of interest compounded semi-annually on the
A $160,000.00 mortgage with a 20-year term is repaid by making monthly payments of $1,361.00. What is the rate of interest compounded semi-annually on the mortgage?
a.7.74%
b.7.83%
c.8.37%
d.3.87%
e.16.74%
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Fundamentals Of Financial Management
Authors: James Van Horne, John Wachowicz
13th Revised Edition
978-0273713630, 273713639
