A mortgage company offers to lend you $85,000; the loan calls for payments of $8,273.59 per year

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A mortgage company offers to lend you $85,000; the loan calls for payments of $8,273.59 per year for 30 years. What is the effective annual interest rate, rEAR, that the mortgage company is charging you?


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Principles of Finance

ISBN: 978-1285429649

6th edition

Authors: Scott Besley, Eugene F. Brigham

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