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You have just purchased a $1,100,000 house with a 27.50% down payment. The balance will be financed with a mortgage that will be repaid in
You have just purchased a $1,100,000 house with a 27.50% down payment. The balance will be financed with a mortgage that will be repaid in equal monthly payments over a 25-year term. The first payment starts one month from today. The quoted fixed mortgage rate is 3.50% compounded semiannually. What is the effective monthly interest rate for this mortgage?
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