What is the monthly interest rate that the mortgage broker

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Reference no: EM131971120

You are looking to purchase a house. The house costs $250,000.

Your mortgage broker says that you can borrow 100% of the purchase price (0% down payment) and make monthly payments of $1,200 for the next 360 months to pay back the loan.

What is the monthly interest rate that the mortgage broker is offering in percent?

Reference no: EM131971120

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