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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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