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You have just purchased a new condo. To finance the purchase, you've arranged for a 30-year mortgage loan for 80 percent of the $260,000 purchase

You have just purchased a new condo. To finance the purchase, you've arranged for a 30-year mortgage loan for 80 percent of the $260,000 purchase price. The monthly payment on this loan will be $1,220. What is the effective annual rate on this loan?

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