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You take out a 30-year mortgage, at a nominal annual rate of X%, with monthly compounding. Each month, you make exactly the required payment.

You take out a 30-year mortgage, at a nominal annual rate of X%, with monthly compounding. Each month, you make exactly the required payment. Consider the following table of data from the amortization schedule: Month N N+1 Beginning Balance Payment Interest Principal Ending Balance $215,249.20 $214.525.02 $1,289.21 Based on this information, what is the nominal annual interest rate (with monthly compounding) for this mortgage?

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