Brian has a mortgage of 150,000 on which he is making monthly payments of $1,200 for 20 years. What rate of interest compounded quarterly is Brian paying?

Mortgage

A loan specifically used to purchase real estate, where the property serves as collateral until the debt is fully repaid.

Interest Rate

The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage.

Payments

Money transferred by one party to another in exchange for goods, services, or to fulfill any other financial obligation.