What is the equivalent monthly interest rate

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Reference no: EM13927955

A couple purchases a home and signed a mortgage for $240000 to be paid in equal monthly installments over 25 years, with interest i^(2) = 0.18.

What is the equivalent monthly interest rate i? (Give i to eight decimal places.)

What are the monthly payments? How much principal is repaid in the first 6 months?

Reference no: EM13927955

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