A fully amortizing mortgage is made for $88,000 for 25 years. Total monthly payments will be $1,140 per month. Required: What is the interest rate on the loan? (Round your final answer to 2 decimal places.) Annual interest rate %

Essentials Of Investments
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ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
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Problem 4-8
A fully amortizing mortgage is made for $88,000 for 25 years. Total monthly payments will be $1,140 per month.
Required:
What is the interest rate on the loan? (Round your final answer to 2 decimal places.)
Annual interest rate
%
Transcribed Image Text:Problem 4-8 A fully amortizing mortgage is made for $88,000 for 25 years. Total monthly payments will be $1,140 per month. Required: What is the interest rate on the loan? (Round your final answer to 2 decimal places.) Annual interest rate %
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