What is the effective semiannual interest rate of a loan

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1- Suppose you take out a $100,000 30 year US mortgage at 12% and after 167 payments the rate drops to 3%. What are your new payments?

2- What is the effective semiannual interest rate of a loan that is 17% per month compounded monthly?

3-What are the monthly payments on a $150000 interest only 20-year mortgage at an interest rate of 6%?

Reference no: EM13777823

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