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A fully amortizing mortgage is made for $89,500 for 25 years. Total monthly payments will be $1,185 per month. Required: What is the interest rate

A fully amortizing mortgage is made for $89,500 for 25 years. Total monthly payments will be $1,185 per month. Required: What is the interest rate on the loan? (Round your final answer to 2 decimal places.)

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