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A classic 15-year mortgage (monthly compounded, monthly paid, fully amortized) is offered at an annaul...

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Finance

A classic 15-year mortgage (monthly compounded, monthly paid, fully amortized) is offered at an annaul percentage rate of 2.4%.

What is the corresponding EAR? Show the result in %, rounded to two decimal places.

Attention: Just type in the rounded number with two decimal places, do not type in the %-sign

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