Manpreet and his wife bought a car rental business in Toronto. They purchased it for $38,00,000. They made a downpayment of 30% and received the rest of the purchase price in a 25 year amortized mortage at 5.8% interest compounded semianually and the payments were made at the end each month. This interest rate was fixed for 3 years. What would be the monthly periodo interest rate would be ?
1. 0.00477594
2. 0.0477594
3. 0.00747594
4. 0.00744994
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2. 0.0477594 please make me as brain list
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