The Jacksons have agreed to pay $1,419 at the end of every month for 15 years on their mortgage loan of $167,000. What annually compounded nominal rate are they paying?

The Jacksons have agreed to pay $1,419 at the end of every month for 15 years on their mortgage loan of $167,000. What annually compounded nominal rate are they paying?
A) 5.09%
B) 7.23%
C) 8.11%
D) 7.29%
E) 6.11%

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