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What is Effective Interest Rate (EIR) and Why Does It Matter? - MSN
Everybody knows what an interest rate is—it’s effectively a percentage of an amount over a year. If your savings account earns you a 0.05% interest per year (which is a really terrible ...
Changing the loan amount in the calculator back to $200,000, and trying out a few interest rates, shows that an interest rate of 4.11% would produce that same $968 monthly payment.
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