Answer:
2.4%
Step-by-step explanation:
If the APR is x% and it is compounded for n times in a year, then the period interest rate is [tex]\frac{x}{n}[/tex]%.
Now, given that the interest rate on a mortgage is 4.8% APR compounded semiannually.
So, here x = 4.8% and n = 2 and hence, the period interest rate on the mortgage is [tex]\frac{4.8}{2} = 2.4[/tex]%. (Answer)
