Question: A borrower secured a $ 2 5 0 , 0 0 0 loan for a term of 1 5 years. The loan is partially amortising

A borrower secured a $250,000 loan for a term of 15 years. The loan is partially amortising with a balloon payment of $100,000 at maturity. The loan requires monthly payments at an annual rate of 7.95%. Calculate the pay rate on this loan. Enter your answer rounded to 4 decimal places (e.g.0.12345 is entered as 0.1235).

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