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A fully amortizing mortgage is made for $ 8 1 , 5 0 0 for 2 5 years. Total monthly payments will be $ 9

A fully amortizing mortgage is made for $

81, 500

for

25

years. Total monthly payments will be $

945

per month.

Required:

What is the interest rate on the loan?

(

Round your final answer to

2

decimal places.

)

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