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You have just purchased a $250,000 home, and the bank has quoted you an interest rate of 3% on a 25 -year mortgage. You chose

You have just purchased a $250,000 home, and the bank has quoted you an interest rate of 3% on a 25 -year mortgage. You chose to make 24 payments per year. What periodic rate should you use to calculate the mortgage payments? Express your answer in percentage form rounded to four decimal places. %

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