Question: As the purchaser of a new house Leslie Carpenter has
As the purchaser of a new house, Leslie Carpenter has signed a mortgage note to pay the Nashville National Bank and Trust Co. $8,400 every 6 months for 20 years, at the end of which time she will own the house. At the date the mortgage is signed, the purchase price was $198,000 and Carpenter made a down payment of $20,000. The first payment will be made 6 months after the date the mortgage is signed. Using a financial calculator, compute the exact rate of interest earned on the mortgage by the bank.
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