What effective annual rate would you be, Financial Management

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What effective annual rate would you be

You need to borrow $120,000 to finance your new home. The annual percentage rate is 9% and payments are made monthly.

a. If the mortgage has a 30-year amortization schedule, what are the monthly payments?

b. What effective annual rate would you be paying?

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Financial Management: What effective annual rate would you be

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