A condo cost $325000. I pay 15% as downpayment. If the mortgage interest rate is 4.5%, this rate would be compounded semi-annually while I pay monthly. What is the effective monthly interest rate (EMR)
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15% of $325000 is $48750. So, the amount of the mortgage loan would be $325000 - $48750 = $276250. The semi-annual interest rate is 4.5%/2 = 2.25%. Show more…
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