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Youre now house hunting. You feel you can afford $1,100 for your monthly mortgage payment. You get pre-approved for a 30-year mortgage at 6% APR.

Youre now house hunting. You feel you can afford $1,100 for your monthly mortgage payment. You get pre-approved for a 30-year mortgage at 6% APR.

  1. What is the period rate?
  2. What is the number of periods per year?
  3. What is the EAR?

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