Question: the answer is not 0 . 2 0 8 3 % ! ! You have just purchased a $ 2 5 0 , 0 0

the answer is not

0.2083 %!!

You have just purchased a $

250, 000

home

,

and the bank has quoted you an interest rate of

2.5 %

on a

25 -

year mortgage. You chose to make

12

payments per year. What periodic rate should you use to calculate the mortgage payments? Express your answer in percentage form rounded to four decimal places.

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