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What effective monthly interest rate is bob charging

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Reference no: EM131947287

Question: Bob's Bank has offered you a $40,000 mortgage on a house. Payments are to be $374.90 per monht for 30 years. Please include equations used to solve this problem..

a. What effective monthly interest rate is Bob charging?

b. What is the APR on this loan?

c. What is the effective annual rate on this loan?

Reference no: EM131947287

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