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22-02-2024
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3.25 You have just purchased a new warehouse. To finance the purchase, you have arranged for a 30-year mortgage loan for 80 percent of Rs 2,900,000 purchase price . The monthly payment on this loan will be Rs 15,000 . What is the annual percentage rate on this loan? What is the effective annual rate ? Ans: 7.08%; 7.31%

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