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Assume you wish to buy a house. You talk to your banker and they give you a quote for a mortgage, with a rate of

Assume you wish to buy a house. You talk to your banker and they give you a quote for a mortgage, with a rate of 5% APR.

Which of the following statements is NOT correct about this quoted rate?

A. This is a nominal rate of interest

B. This is a real rate of interest

C. This is an annual percentage rate

D. You can use this rate plus other data to calculate your monthly mortgage payment

E. All of these statements are correct

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