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You have just purchased a home by borrowing$400,000 for 30-years at a fixed APR of3.87% . The loan payments are monthly and interest is compounded

You have just purchased a home by borrowing$400,000

for 30-years at a fixed APR of3.87%

. The loan payments are monthly and interest is compounded monthly.

What is the effective annual rate on the loan? (I.e., what is the interest rate once we take into account compounding?)

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