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Question 4, P5-3 (similar to) EAR. What is the effective annual rate (EAR) of a mortgage that is advertised at 7.75% (APR) over the next

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Question 4, P5-3 (similar to) EAR. What is the effective annual rate (EAR) of a mortgage that is advertised at 7.75% (APR) over the next twenty years and paid with semiannual payments? What is the effective annual rate (EAR) of the mortgage at 7.75% APR with semiannual payments? 7.90 % (Round to two decimal places.)

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