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A property worth $40,000 can be purchased for 10% down and quarterly mortgage payments of...

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Accounting

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A property worth $40,000 can be purchased for 10% down and quarterly mortgage payments of $825 for 15 years. What nominal rate of interest compounded semi-annually is charged? The nominal annual rate is \% p.a. compounded semi-annually. (Round to two decimal places as needed.)

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