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A mortgage company offers to lend you $85,000; the loan calls for payments of $825 at the end of each month for 15 years.
A mortgage company offers to lend you $85,000; the loan calls for payments of $825 at the end of each month for 15 years. What interest rate is the mortgage company charging you? Calculate Nominal and Effective interest rates. Nominal 8.26%, Effective 8.58% O Nominal 7.58%, Effective 7.85% O Nominal 8.58%, Effective 8.93% O Nominal 8.93%, Effective 8.58%
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Contemporary Business Mathematics with Canadian Applications
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
10th edition
133052311, 978-0133052312
