The effective mortgage rate for a 30-year mortgage at 9% interest compounded monthly, with two discount points,

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The effective mortgage rate for a 30-year mortgage at 9% interest compounded monthly, with two discount points, that is expected to be kept for 7 years is
(a) 9%.
(b) 8.5%.
(c) 9.4%.
(d) 10%.

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Finite Mathematics and Its Applications

ISBN: 978-0134768632

12th edition

Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair

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Question Posted: Feb 12, 2018 09:30 AM

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The effective mortgage rate for a 30-year mortgage at 9% interest compounded monthly, with two discount points,

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Finite Mathematics and Its Applications

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