What is your annual interest rate on the mortgage, Financial Management

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What is your annual interest rate on the mortgage

Problem

You just purchased a home for $450,000 and put 20% down and obtained a mortgage for the balance. Based on a term of 30 years on a fully amortizing loan and a monthly mortgage payment of $1,770.98, what is your annual interest rate on this mortgage? Hint: solving for RATE in Excel.

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Financial Management: What is your annual interest rate on the mortgage

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