(Answered) Determining the nominal interest rate

Finance

Problem: Suppose you are buying your first house for $350,000, and you will make a $30,000 down payment. You have arranged to finance the remainder with a 20-year, monthly payment, amortized mortgage at a 5.5% nominal interest rate, with the first payment due in one month. What will your monthly payments be?

$2,201.24
$1,969.24
$2,302.13
$2,100.68
$2,234.02

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