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Problem 1. Mortgage - Periodic Interest Rate You have just purchased a home by borrowing$400,000 $400,000for 30-years at a fixed APR of3.87% 3.87%. The loan

Problem 1. Mortgage - Periodic Interest Rate

You have just purchased a home by borrowing\$400,000

$400,000for 30-years at a fixed APR of3.87\%

3.87%.

The loan payments are monthly and interest is compounded monthly.

What is the periodic interest rate? (I.e., what is the monthly interest rate?)

*Make sure to input all percentage answers as numeric values without symbols, and use four decimal places of precision. For example, if the answer is 6%, then enter 0.0600.

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