Question: Problem 4 - 8 A fully amortizing mortgage is made for $ 8 8 , 0 0 0 for 2 5 years. Total monthly payments

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
%
Problem 4-8 A fully amortizing mortgage is made for $88,000 for

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