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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 periodic interest rate? (I.e., what is the monthly interest rate?)

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