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You are given the following information about 30-year level payment loan of $1,000,000 issued on January 1, 1992 paid back monthly with first payment on January 31, 1992. Portion of monthly payment due on September 30, 1997 applied to interest 94.473% and portion of monthly payment due on October 31, 1997 applied to interest 94.418%. What is the nominal interest rate compounded monthly?

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Category:- Financial Management
Reference No.:- M92326490

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