A Canadian bank quotes you a rate of 3.28% on a mortgage. You plan on making bi- weekly payments (26 per year). What is the effective interest rate on your mortgage? Enter your answer as a percent to 3 decimal places. This means if your answer is 0.04146, enter 4.146 without the percent symbol.

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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A Canadian bank quotes you a rate of 3.28% on a mortgage. You plan on making bi-
weekly payments (26 per year). What is the effective interest rate on your mortgage?
Enter your answer as a percent to 3 decimal places. This means if your answer is
0.04146, enter 4.146 without the percent symbol.
Transcribed Image Text:A Canadian bank quotes you a rate of 3.28% on a mortgage. You plan on making bi- weekly payments (26 per year). What is the effective interest rate on your mortgage? Enter your answer as a percent to 3 decimal places. This means if your answer is 0.04146, enter 4.146 without the percent symbol.
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