What is the effective annual rate on that loan what rate is, Financial Management

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What is the effective annual rate on that loan what rate is

You have just borrowed $280,000 to buy a condo. You will repay the loan in equal monthly payments of $2,252.94 over the next 30 years. a-1. What monthly interest rate are you paying on the loan? a-2. What is the APR? b. What is the effective annual rate on that loan? What rate is the lender more likely to quote on the loan?

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