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P5-3 (similar to) Question HE EAR. What is the effective annual rate (EAR) of a mortgage that is advertised at 9.25% (APR) over the next

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P5-3 (similar to) Question HE EAR. What is the effective annual rate (EAR) of a mortgage that is advertised at 9.25% (APR) over the next twenty years and paid with quarterly payments? What is the effective annual rate (EAR) of the mortgage at 9.25% APR with quarterly payments? % (Round to two decimal places.)

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