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A $160,000.00 mortgage with a 20-year term is repaid by making monthly payments of $961.00. 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 $961.00. What is the rate of interest compounded semi-annually on the mortgage?

Select one:

a. 7.74%

b. 8.37%

c. 7.83%

d. 3.93%

e. 3.87%

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