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Suppose, you borrowed $400,000 on a mortgage loan, and the loan is to be repaid with equal monthly payments over a 25-year period. The bank
Suppose, you borrowed $400,000 on a mortgage loan, and the loan is to be repaid with equal monthly payments over a 25-year period. The bank (lender) charges 4% interest per year, compounded quarterly. The mortgage term is 5 years fixed. What is the effective monthly rate? 0.0033223% 0.493862% 0.00493862% 0.3322284%
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