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QUESTION 29 The quoted mortgage rate is 12% annually. What is the actual rate when the mortgage is paid monthly? (Hint: APR=12%. Calculate the

QUESTION 29 The quoted mortgage rate is 12% annually. What is the actual rate when the mortgage is paid monthly? (Hint: APR=12%. Calculate the EAR.) 13.17% 12.00% 12.68% 11.54%

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