Property worth $330,500.00 can be purchased for 6% down and mortgage payments of $1620.00 at the end of each month for 30 years. What is the nominal annual rate of interest compounded monthly? The nominal annual rate of interest monthly compounded is what %?  
(Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)

Answer rating: 100% (QA)

To determine the nominal annual rate of interest compounded monthly we can use the mortgage formula ... View the full answer