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Suppose you borrow $300,000 to buy a new home. The loan has an APR of 8%, compounded monthly. What rate of interest are you effectively

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Suppose you borrow $300,000 to buy a new home. The loan has an APR of 8%, compounded monthly. What rate of interest are you effectively paying every year? 8% 8.3% 8.7% 67%

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