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What periodic rate should use to calculate the mortgage

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Reference no: EM133003617

Problem 1: 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.

Reference no: EM133003617

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