Payments are monthly and interest in compounded monthly

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You are purchasing a house that cost $500,000.You plan on making a down payment of $100,000 and borrowing the difference.The terms of your mortgage will be $ 400,000 in principal, 30-year term, and a fixed APR 3.875 %. The loan payments are monthly and interest in compounded monthly.

What is the periodic interest rate?

Reference no: EM13846911

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