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Question 2 You have just concluded the purchase of a new warehouse. To finance the purchase, you've arranged for a 20-year mortgage for 80

Question 2 You have just concluded the purchase of a new warehouse. To finance the purchase, you've arranged for a 20-year mortgage for 80 per cent of the $400,000 purchase price. The monthly payment will be $3,000. What is the NIR on the loan? The effective annual rate?

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