Question: The current national average interest rate on a 3 0 - year fixed - rate mortgage is 6 . 0 9 % APR, according to

The current national average interest rate on a 30-year fixed-rate mortgage is 6.09%
APR, according to the Federal Home Loan Mortgage Corporation ("Freddie Mac").
Assuming monthly compounding, determine:
a) The interest rate per compounding period
b) The annual effective interest rate
The current national average interest rate on a 30-year fixed-rate mortgage

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