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

question 11

Essay

Note: The calculations for this question were done using Excel's RATE function.
A $345 000.00 mortgage is repaid in 19 years by making monthly payments of $2486.44. What is the nominal annual rate of interest compounded semi-annually?

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Definitions:

MyPlate Food Guide

A visual guide for balanced eating created by the USDA, depicting a plate divided into sections for vegetables, fruits, grains, proteins, and dairy to encourage healthy meal planning.

2,000-Calorie

A reference daily intake level used for nutrition labeling, representing an estimated amount of calories a typical adult should consume daily to maintain their weight.

U.S. Department of Agriculture

A federal department responsible for developing and executing federal laws related to farming, forestry, rural economic development, and food.

MyPlate

An educational tool provided by the United States Department of Agriculture to guide individuals in eating a balanced diet comprising adequate proportions of different food groups.