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If a mortgage is advertised with a 3.65% APR, compounded monthly, what is the APY on this mortgage?
 

 Feb 10, 2019
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APY =[1 + 3.65%/12]^12

APY =[1 + 0.0365/12]^12

APY =[1.00304166667]^12

APY =1.0371168481 - 1

APY =0.0371168481 x 100

APY =3.71%

 Feb 10, 2019

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