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Carrie takes a mortgage loan from Maywood Credit Union today and wants to calculate the present value of all her monthly mortgage payments, using the

Carrie takes a mortgage loan from Maywood Credit Union today and wants to calculate the present value of all her monthly mortgage payments, using the PV annuity formula: . According to the credit unions website, the current mortgage interest rate is 5.399% APR, monthly compounded. What is the appropriate discount rate (r) that Carrie should use in the formula?

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