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

question 64

Essay

Note: The calculations for this question were done using Excel's RATE function.
A $160 000.00 mortgage with a 20-year term is repaid by making monthly payments of $1361.00. What is the rate of interest compounded semi-annually on the mortgage?

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Definitions:

British Pounds

The British pound is the official currency of the United Kingdom, symbolized as GBP, and is one of the world's major currencies traded in foreign exchange markets.