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You have just borrowed $170,000 to buy a condo. You will repay the loan in equal monthly payments of $1,790.48 over the next 25 years.

What monthly interest rate are you paying on the loan? (Do not round intermediate calculations. Round your answer to 2 decimal Places) Monthly interest rate ………………%.

What is the APR? (Do not round intermediate calculations. Enter your answer as a whole percent.) APR …………….%.

What is the effective annual rate on that loan? (Do not round intermediate calculations. Round your answer to 2 decimal Places) Effective annual rate ………………%.

What rate is the lender more likely to quote on the loan? APR or EAR.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92811431

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