Question: 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

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 $88,000 for$

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.) 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.)

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