Note: The calculations for this question were done using Excel's RATE function.
A property worth $191 000.00 can be purchased for 15% down and quarterly mortgage payments of $1972.00 for 30 years. What effective rate of interest is charged?

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The Answer of Note: The calculations for this question were done using Excel's RATE function.
A property worth $191 000.00 can be purchased for 15% down and quarterly mortgage payments of $1972.00 for 30 years. What effective rate of interest is charged?

Note: the Calculations for This Question Were Done Using Excel's