Question: Katie is considering refinancing her mortgage, which has a current balance of $120,000. She wants to use a 15-year mortgage, and her lender calculated her

Katie is considering refinancing her mortgage, which has a current balance of $120,000. She wants to use a 15-year mortgage, and her lender calculated her monthly payments will be $1,029 (due at the end of each month). What annual interest rate is the lender charging Katie?

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