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A bank has offered you a $500,000 mortgage at a quoted rate of 4%. The mortgage calls for monthly payments based on a 20-year amortization

A bank has offered you a $500,000 mortgage at a quoted rate of 4%. The mortgage calls for monthly payments based on a 20-year amortization period. What discount rate would you use to find the amount of your monthly payments?

round to 2 decimals

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