Solomia owns her own twobedroom unit, which is valued at $685,000, against which she holds a 25-year
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Solomia owns her own two‐bedroom unit, which is valued at $685,000, against which she holds a 25-year mortgage of $535,000. Her annual mortgage repayments are $22,620.
How can I calculate the interest rate of mortgage using this statement here? My calculator is giving me 0.46% which is unreasonable as a mortgage interest rate.
Related Book For
Essentials of Business Analytics
ISBN: 9781337406420
3rd edition
Authors: Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson, Dennis J. Sweeney, Thomas A. Williams
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