5. An apartment is acquired on credit for the sum of $1,500,000 in equal monthly installments, the obligation is agreed upon for 15 years at an interest rate of 3% monthly. What will be the value of the income?

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Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.