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You want to purchase a home that costs $200,000. You have a $20,000 down payment so you need a mortgage of $180,000. You will pay

You want to purchase a home that costs $200,000. You have a $20,000 down payment so you need a mortgage of $180,000. You will pay the mortgage back with monthly payments over the life of the loan. Determine the effective interest rate per time unit for the 30-year fixed mortgage.

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