Find the monthly compound interest, Financial Management

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Find the monthly compound interest

You just borrowed $300,000 to buy a house. You plan to pay off your loan by making equal monthly payments over the next 20 years. Suppose the interest rate your bank charges you is an APR of 6%, compounded semi-annually.

Find the monthly compound interest rate.

A. 1.21% B. 1% C. 6% D. 0.5% E. 0.494%

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Financial Management: Find the monthly compound interest

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Financial Management: Find the monthly compound interest

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