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A property worth $35,000 can bo purchated lor 5% down and sem-annual morfpage payments of $1600 for 12 yoars What norrinal rate of interost compoundec

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A property worth $35,000 can bo purchated lor 5% down and sem-annual morfpage payments of $1600 for 12 yoars What norrinal rate of interost compoundec quartorty is chargod? The nominal annuat rate is K. pa compounded euartety (Reund to two docimal places as needed.)

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