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Effective monthly interest rate for mortgage

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You have just purchased a $840,000 house with a 21.00% down payment. The balance will be financed with a mortgage that will be repaid in equal monthly payments over a 25-year term. The first payment starts one month from today. The quoted fixed mortgage rate is 2.20% compounded semiannually. What is the effective monthly interest rate for this mortgage?

Reference no: EM132731689

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