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What is the interest rate of the mortgage

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Reference no: EM131126297

Sylvie and Roland want to purchase a new house and can afford to make monthly payments of $1000.00. They go to the bank and obtain a mortgage for $195 000.00 compounded semi-annually and amortized over 25 years.

What is the interest rate (to 2 decimal places) of the mortgage?

Reference no: EM131126297

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