Multiple Choice
You have just take out a 30-year,$120,000 mortgage on your new home.This mortgage is to be repaid in 360 equal end-of-month installments.If each of the monthly installments is $1,500,what is the effective annual interest rate on this mortgage?
A) 15.87%
B) 14.75%
C) 13.38%
D) 16.25%
E) 16.49%
Correct Answer:
Verified
Correct Answer:
Verified
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