A fully amortizing mortgage is made for $ 8 3 , 5 0 0 for 2 5 years Total monthly payments will be $ 1 , 0 0 5 per month Required What is the interest rate on the loan

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A fully amortizing mortgage is made for $ 8 3 , 5 0 0 for 2 5 years  Total monthly payments will be $ 1 , 0 0 5 per month  Required  What is the interest rate on the loan

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Question

A fully amortizing mortgage is made for $ 8 3 , 5 0 0 for 2 5 years. Total monthly payments will be $ 1

A fully amortizing mortgage is made for $ $83, 500$ for $25$ years. Total monthly payments will be $ $1, 005$ per month.

Required:

What is the interest rate on the loan

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