Note: The calculations for this question were done using Excel's RATE function.A $160 000.00 ...

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Note: The calculations for this question were done using Excel's RATE function.A $160 000.00 ...

Note: The calculations for this question were done using Excel's RATE function.
A $160 000.00 mortgage with a 20-year term is repaid by making monthly payments of $1361.00. What is the rate of interest compounded semi-annually on the mortgage?

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Contemporary Business Mathematics with Canadian Applications

Edition: 11^th

Authors: Hummelbrunner, Halliday, Hassanlou, Coombs

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