What is the effective annual rate on the loan

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The monthly mortgage-loan payment on your house is $1660.  The loan is a 30-year loan and its interest rate is 3.6% APR.

(a) How much did you borrow?

(b) What is the effective annual rate (EAR) on the loan?

(c) What will the loan balance be after one year (that is, immediately after the twelfth payment is made)?

Reference no: EM131308117

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