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The monthly payment on this loan will be 4500 what is the

You have just purchased an apartment. to finance the purchase, you have arranged for a 25-year mortgage loan for 50 percent of the 1,650,000 purchase price. The monthly payment on this loan will be 4,500. What is the effective annual rate (EAR) on this loan?

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Finance Basics: The monthly payment on this loan will be 4500 what is the

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