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A house mortgage of $360 000 is amortized over 20 years by semi-monthly payments of $1222.62. What is the nominal annual rate of interest compounded

A house mortgage of $360 000 is amortized over 20 years by semi-monthly payments of $1222.62. What is the nominal annual rate of interest compounded semi-annually? Select one:

a. 6.21%

b. 5.42%

c. 2.71%

d. 3.62%

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