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You have purchased a new house with a 30-year mortgage loan

You have purchased a new house with a 30-year mortgage loan for the 80% of the 200,000 purchase pric… Show more You have purchased a new house with a 30-year mortgage loan for the 80% of the 200,000 purchase price. The monthly loans will be $850. What is the effective annual rate on this loan? *FORMAT TO 4 DECIMAL PLACES A. 6.05% B. 7.22% C. 5.02% D. 12.55% E. 4.25% • Show less


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