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You want to buy a house which is worth $100,000 now. Assume that you are able to pay $1,000 per month for the following 10

You want to buy a house which is worth $100,000 now. Assume that you are able to pay $1,000 per month for the following 10 years and there is no down payment. Determine the annual interest rate of the mortgage.

A.

2.78%
B.

5.60%
C.

3.74%
D.

4.56%

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